More demand does not always result in higher prices. Price depends on the elasticity of supply for all of the different goods as well. Some might increase, while others wouldn't.
We have seen an element of this in the UK where housing benefit largely ended up in the laps of landlords.
And besides, I think a most of the other people doing cool stuff will want cheaper accommodation as well, and over time particular kinds of cool stuff will congregate in different smaller towns.
The move from single-income to double-income families produced far less than a doubled standard of living, but it drove housing prices sky high. It's an interesting natural experiment for what we might see with UBI programs (which act a lot like adding a 'free' wage-earner to each household).