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In cities with booming economies this is accurate. High income newcomers spend a lot of money which creates more jobs and raises wages for existing residents. Any long time residents that own property have newfound wealth, and local businesses thrive.



Most of the tech boomtowns have significant poverty, and the tech industry seems to have made it somewhat worse, not better.

http://www.mercurynews.com/2015/04/01/poverty-rates-near-rec...




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