They'd be facing an office building across the street. Advancements in electronic lighting have also improved significantly to control how much light pollution there is. Plus, it doesn't seem to be a big problem for residents in larger cities across the world. On the other hand, there would be a range of benefits from an increase in city appeal, increased streetlife after dark, and revenue to offset costs for buildings (particularly if advertising for big companies like Mcdonald's and such).The flashing lights that would come with images constantly revolving would be a tough sell to prospective residents.
That's really debatable, depends on the lighting system used. And not to mention, if it was already advertised in advance, people would know exactly what they're getting themselves into.That light would reflect off said office building and bounce back at residents living in the Fifth. It's not the worth the inevitable headache that would come when residents would start to complain.