Completely & totally ignores the scale of market impact an expat/wealthy-immigrant people have. There's plenty of people who would rather live somewhere else. Most have limited ability to move somewhere & make an impact.
This story is about as opposite as that as can be told: the worlds 0.03% want cheaper places to live & will go commandeer their way into a conceniently available low priced local economy.
What your thesis totally avoids is that the the wealthy can afford & have the possibility of seeking lower costs of living, of setting themselves up high elsewhere. They will displace both locals & other people who might seek to immigrate to a specificly advantageous place.
There's hardly a scene more tragic to imagine. There may be some modest benefit for this area, but doubtful. This will just create market pressure in one of the few places that had been affordable.