The place gets richer, but the people who lived in it originally don't necessarily. The ones lucky enough to own their property watch the value of it go up and then often move away because they don't like the way things are going overall, friends moving away etc, dickheads everywhere and general soullessness. Those who don't own their property are priced out and move away gradually to cheaper places, the majority of people lose out and their lives are upheaved to make way for soulless consumerists to create another theme park area. So the people in the area are displaced, rather than enriched on the whole, it just looks good from a simplistic viewpoint because on paper the wealth of the area grew.
What's very annoying is it often begins with people with some roots in the area making the place better themselves, or part of the attraction is that the people who live there have quite a strong community or some aspect to them which makes the area good. Then people from outside capitalise on it and sooner or later the lives of those who built or maintain the desirable aspect find their lives worsened.
Like with anything true, genuine, wholesome, bona fide, imaginative, characterful, talented, unique, organic, impassioned, inspired... as soon as business gets it's hands on it, it loses the spark and genuine quality that made it good, it's gutted and commercialised until people lose all interest in it, then on to the next thing.