I think it probably can. (Elusive one there!)
A couple of good examples for me. 3 weeks ago I was up in Milton Keynes again for 3 days working on my Impression project. We had a Flickr meetup and met some lovely people; I actually live in Worthing but not a million miles from Brighton (where I used to live for a few years) and the MK residents were saying how much they loved Brighton; it sort of re-awakened me to what is on my doorstep and what I take for granted having so close. I like Brighton, I have done a fair bit of work there but maybe because of its familiarity I'm just not enthused over it in the way I might be if I didn't live near it. Very peculiar.
The second example is this idea I have. Maybe in a few years I might move to MK (seeing as I like it so much give or take its few faults) but then I remember that I live on the coast (10 mins walk from the sea) and the South Downs literally on my doostep -- I would miss them greatly if I moved away; but some weeks I don't go down the seafront at all. In fact I've not seen the sea (i.e. walked along it) for a couple of weeks now. And I eventually return to the thought that I couldn't leave this behind; I'd miss it too much.
But yes, familiarity does breed a lack a certain amount of insensitivity to what is around you. Could I do an Impression Worthing as I am with Impression Milton Keynes, no I don't think I could actually; it just wouldn't feel the same -- although this is somewhat tied up in the fact that apart from the downs and coast, Worthing is to me very very boring in an urban sense of the term and Brighton feels a bit clichéd if I am honest. I like things that challenge me and at times make me uncomfortable, that make me think.
If I moved away I would soon miss it and change my mind, I know that!
But at least I carry my camera every day to work and back, you never know what you will see!
I don't think in my case either new equipment would reignite my interest of photographing my town, I just don't think apart from the coast and the downs it ticks my boxes (it's a nice place to live, but nice is not always exciting!) -- my boxes seem to be inately intwined with thing that enraptured me when I was little: the city, the urban form, the dramatic natural landscape.
I've only got to look at what I plan for future projects to see that the unfamiliar to me is more enticing than what is immediately around me (namely I have some ideas for a project on a certain stretch of the A1 and also a series on the Midland Links Motorways... Oh and the London North Circular...)
Hohum 🙂