No, it makes it more desirable for older people who don't want raves down the block, and who also have more money, increasing the RE prices. The average age go

No, it makes it more desirable for older people who don't want raves down the block, and who also have more money, increasing the RE prices. The average age goes up, the number of interesting energetic people goes down, and the city becomes a cultural desert with high RE prices. Yes, that's an equilibrium, but Adam Smith's invisible hand just gave you a shitty city and undercut cultural innovation.