Maybe if everyone moved to the same low cost of living area and tried to achieve the same densities as the high cost of living areas for some inane reason. Realistically the increase in demand in any one area would be negligible - Tulsa isn't going to become a happening place.
Oh, it very much can "spawn new people" - all those couples that always wanted a second/third child but couldn't financially afford it will now be able to :)
Not to mention all those illegal immigrants storming the borders.