You're generalizing from a single measurement. These studies measure the impact of the change of a single building in a neighborhood. The new building effective

You're generalizing from a single measurement. These studies measure the impact of the change of a single building in a neighborhood. The new building effectively becomes the "shiniest" and rises to the top of the desirability heap for the local area. Everything that existed previously is less shiny and lowers rents to compete. Your example of mass-redevelopment would likely have the opposite effect - it would be an inducement of demand - raising the value of the entire location to outside interests and raising rents.