It isn't, and only someone who mostly consumes art but doesn't create it says otherwise. The possible exceptions being artists already regally compensated and upset they aren't making more (e.g. Don Henley)

Take any city of cosmopolitan reputation, and take away their public arts programs and presence, and I guarantee in a generation, they will wither out, as the prestige/tourist status and even business status will decline.

Take a city like San Jose where I live; smaller neighbors Oakland and SF have vibrant ecosystems between creatives and public works that fosters their reputations as places worth seeing. SJ has a small but active community that largely has to scrap for their own, such that its largely overlooked to the point that most of its best talent only gets known after it leaves for cities that will recognize them and provide tools an opptys for them (e.g. Cellista, Peanut Butter Wolf, etc). And even SF is pricing out creatives, such that many are booking for Oakland or out of state to continue.

The arts are poorly funded, and in the few places they do better, tends to be in old bunkers where socialites can 'invest'/launder their money and get a surname placed on a building.