Historically, new artists were born everyday. The old dirt cheap place, that turned rich, was out of their grasp. They had to find a new dirt cheap place.
But that doesn't seem to be happening right now. Even the new would-be artists are quite happy to live in places like London and NYC that have already been transformed by old artists into nice places. Again, probably because there is all kids of other opportunity[1], as visible in employment being full. One has not had to subject themselves to moving to where nobody wants to be.
[1] At least has been over the past many years. There is a strong case to be made that we're starting to see that turn.
But that doesn't seem to be happening right now. Even the new would-be artists are quite happy to live in places like London and NYC that have already been transformed by old artists into nice places. Again, probably because there is all kids of other opportunity[1], as visible in employment being full. One has not had to subject themselves to moving to where nobody wants to be.
[1] At least has been over the past many years. There is a strong case to be made that we're starting to see that turn.