This sounds similar to what's happened in Oakland, CA. When I moved here 25 years ago there was a huge underground music and arts scene in West Oakland warehouses but the last 10 years of gentrification has wiped it out. After the pandemic (and constant right-wing propaganda) Oakland is now once again deemed a wasteland and businesses are fleeing, but I've started noticing a new youth culture is slowly starting to emerge here and there.

I've seen the pattern in several other places as well: arts thrive in the affordable undesirable edges of society until it generates enough buzz for capitalists to notice it and move in seeking to profit off of it. The problem is that culture is not valued in capitalism because it has no landlord.