LOL it is the other way around, cities become most expensive because developers flock there and spend cash. This happens now in Limassol, Cyprus: crowds of developers, most having their own startups, started to flock there since 3 years ago from Russia, Belarus and Ukraine - it was always a country to keep offshore companies/accounts, so every rich developer in ex-USSR already been there and knew the place, but since…
Bringing up Limassol though, is not a valid argument. Limassol on its own has had a lot of rich people from Russia moving there permanently and in the past few years a lot of development went on there. The Marina or the pier etc makes it feel like you are in Miami of some sorts, so that definitely bumps the prices up and it has nothing to do with developers going there. Most rich people there didn't make money from tech but from illegal sources.