This has happened on a smaller scale (maybe 2x the cost instead of 10x) here in Austin over the past ~10 years. Less nomads and more permanent moves of course,

This has happened on a smaller scale (maybe 2x the cost instead of 10x) here in Austin over the past ~10 years. Less nomads and more permanent moves of course, but it's distorted the local economy in the same way Housing can't keep up, local businesses have been replaced by same-y luxury ones, and longtime residents have had to move (or some just become homeless) because they can't afford it anymore. It's been a shame to see. Economic influx isn't always a good thing.