This makes sense, and sounds reasonable. I think people are getting hung up on 'qualities of tastes', believing (I assume) it is a value judgement. I read it as 'characteristics'.

As a result of proximity over time, the 'old rich' have developed unique cultural habits that are easily recognized as different to 'new rich'. Every group does this. Sure, there is good and bad to it, but it's a natural and expected outcome.