It does make sense, although it is a little awkward. It depends on what you're trying to emphasize. Naturally there will be a lot of native Muscovites in Moscow. Maybe try this: "In Moscow there are (both) a lot of locals as well as newcomers" or "In Moscow there are a lot of city natives as well as newcomers". You could also use "transplants" to mean people who've moved to Moscow from another city.