If you even read my comment a few spots up this thread you'd already know my stance on that.

It doesn't matter if developers build higher end new stuff (which they largely will), because it still frees up older and less desirable supply which should be renting for a lot less than it is.

If you want the Old Port to look like it did in the 1970s, enact a bunch of restrictive rent control and lower income construction requirements and wait 20 years.

The Old Port is literally the charming hipster foodie destination it is because people with money want to live there...