People reside there because it's the hip thing to do.
Look at member only jackets, disco, and the macarana. All crap, but very popular at one time.
When you aren't blinded by the pop culture bullshit, you'll see a city with one of the highest concentrations of air pollution in the world and decrepit buildings everywhere you look.
It's not cool to buy american, think american, or live in america. it's a traitor fad.