Please read the idea before you just scream no...it isn't what it exactly sounds like.
Imagine a new land..new streets we have never seen before, nothing really pre-planted. Imagine everyone is starting off as a level 1 unskilled glitch, imagine it even has some minor living space for you to live in...imagine you may either play there...or in the current world.
Imagine a new world starts, and you make a choice..continue playing as you are...or help build the new world. You leave behind all the possessions you had found, litterally leave it behind, your house stays where it is...you can't visit it from the new world..but its still there. Not lost, just left. Imagine you help build the actual streets...in whatever new streetbuilding project TS has been talking about.
Imagine..that once the new land has been fully imagined (I'd say a time limit?) the new land suddenly pops into full imagination of the giants, and integrates as everyone built it into the new land. You move out of your temporary apartment back to your actual home (with a moving box comming along with you). You regain all the upgrades you had previously given up...you regain all the levels you had lost...you regain any skills you had forgotten...and keep any new ones you had learned.
In essence..you do a temporary reset of your character..and take place in a new land/addition to the glitch world. Housing, like the old housing, is set up for your glitches to live in (and gives a reason to find more abandoned apartments and the like). Once a certain amount of time has passed, your character is un-reset and you return to normal.
This would be an 'opt-in' type situation, only people who want to experience this..do. Alternately you might put it a case of..your character imagining a new character (basically when you log in you can choose if you wish to play on the main glitch..or the new land..with eventually the two becomming integrated).