I don't think it's that romantic. When I moved between Europe and China for work every few months you could see this in action. There was a building close to my apartment that I think got rebuild three times in just a few years with a new business every time. My hometown in Europe basically looks (and feels) like a museum.

And it shows in the people. There's a dynamism, young people moving in, upwards mobility, low cost of living, jobs that you lack in many of these static, affluent places.