A lot of the businesses were already struggling (as per the article) and given the 'death of the high street' and the pandemic, probably would have died anyway. It unfortunate, but natural, that if you improve an area with newer housing and amenities that different people will move in and lots of businesses will no longer be required while other types of businesses will be required.
So let this happen if it's going to, then deal with it accordingly. All they did was ensure it's demise by artificially picking winners and losers; there's nothing "natural" about it.
The working class people weren't "replaced", any that did leave just sold their houses to Yuppies. Many of them may have just became Middle Class. Or just now live in a much nicer area. Perish the thought.