No, it won't, but it'll lead to the population as a whole being better off because it will allow more people to live in a very productive area, as well as leaving an out (sell and move) for those who can't stomach the thought of denser housing.

Sooner or later, the US must confront the fact that not everyone can live in a single story ranch house with a big yard in an extremely desirable part of the country, without causing massive sprawl (LA).