You will just increase the number of unaffordable apartments. The added units will come with added traffic from the new wealthier residents, and higher prices on everything. It doesn’t seem like a win to me, unless you have very narrow goals.
Prices are set by the balance of demand and supply. The demand isn't going away. The supply is what we can do something about.
Even building expensive luxury apartments helps, unless no one can afford them at all (which is not what the builder wants to happen). The people who rent those aren't taking up spaces others could have afforded.