Completely wrong. A hipster is socially conscious to an extreme. That gives soul of a sort and social purpose.
Funky clothing choices add "character'. Living in places like Oakland allows for more "expression" of interests like organic food. And music tastes.
They tend to buy cars like the Nissan Junk...er Juke! Ugly, funky cars.
http://www.eastbayexpress.com/oakland/hipster-invasion/Content?oid=1081746
In many ways, it's the classic story of urban renewal: Young artists move into a downtrodden place where they can afford the rents. They proceed to build up a buzz and a social scene, paving the way for hip bars, restaurants, boutiques, and upscale condo dwellers. Ultimately, and ironically, their efforts bring about a neighborhood where young artists — not to mention the original residents — can no longer afford to live.