That was one thing it seemed to simulate pretty well in my experience. Last time I played it, I set up the city with a bunch of low income housing areas in industrial zones, roads all through them, small housing plots next to industry and under overpasses and stuff.
The neighbourhoods looked exactly like the low income housing neighbourhoods around industrial areas I've seen in real life. The people in those houses were typically unhealthier than in other areas. I put the closest hospitals and schools just outside those areas, the waste water from the city was dumped nearby etc.
It's quite possible to create extremely disparate neighborhoods and areas. From slums to McMansion filled suburbs to bustling industrial areas.
Sadly though, my in game city started with me trying to model my real city. It turned out pretty accurate at least as far as neighbourhood layout and visual income disparity went.