I believe in the theory that building "luxury" housing for high income workers frees up rental space for those with lower incomes. This is anecdotal but person

I believe in the theory that building "luxury" housing for high income workers frees up rental space for those with lower incomes. This is anecdotal but personally I know a lot of millennials who place a lot of weight on living downtown (I'm one of them). A few years ago -- prior to the completion of a variety of luxury apartments, these folks were renting out rooms in homes, or staying in more moderately priced apartments. Once more rooms opened up that a had a gym, a nice rooftop area, close access to Whole Foods, and other amenities, they moved. I even know of a very wealthy couple that lived in a relatively poor neighborhood while they waited for their condo complex to finish completion so that they could move in. This couple could easily pay the monthly rent with half of one persons paycheck.