The area in question isn't run down at all from what I've seen. It's just an older neighborhood with the misfortune of being near a good view, so someone with deep pockets gets to displace businesses that have been in families for generations, people who restored the beautiful little Victorian cottages there, elderly people who have lived there for 50-60 years.
Yep, high morals & famblee values for everyone who can afford it.
On a related note, when my sister was pissing & moaning about the gas prices, I reminded her that her personal hero Uncle Dubya said anyone making over $20K a year was wealthy. She hung up on me.