Yep. A town can become desirable after its residents carefully built its character and reputation, then suddenly apartment/condo developers want in.

Usually the town was made "desirable" by residents there from ~1890-1940, and the current NIMBY's are leeching off that. In most cases the desirable part was bulldozed in the 50's-70's to make parking for the suburbanites. Portland, OR had streets that could make you think you were in Budapest before they were demolished in the 40's