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In theory it should since the residents would not be using cars & opting for more public transportation. A complex near Phoenix is trying that. Check out this article. https://www.thecooldown.com/green-business/culdesac-tempe-arizona-walkable-car-free-neighborhood/
I'd like that idea better if it focused on self reliance, planting fruit trees, using reclaimed materials for construction, renewable energy, etc.