Who really wins when old neighborhoods are redeveloped?

Were London’s public spaces sold off to private developers? The question led to a heated debate in the U.K.'s capital, but the answer is more nuanced than it may seem. Take the redevelopment of the iconic Heygate Estate in the Elephant and Castle area of south London. At its peak, the complex accommodated 3,000 people. But over the years, it began to lose its shine and earned a reputation for violent and antisocial behavior. The entire complex was demolished and the majority of its tenants were evicted to make way for a regeneration process that would completely transform the area. By 2014, a new privatized 28-acre plot featuring flats, shops, public space areas and offices had emerged. Hailed as a redevelopment success story by some, others like former resident Jerry Flynn question how increasing privatization in the U.K. capital offers less participation for locals. Watch the full CNBC film by clicking the link. #cnbc #whoowns ----- Subscribe: @cnbci CNBC International Live: @cnbcinternationalive LinkedIn: https://www.linkedin.com/showcase/cnbc-international/ TikTok: https://www.tiktok.com/@cnbci Facebook: https://www.facebook.com/cnbcinternational Instagram: https://www.instagram.com/cnbcinternational/ Threads: https://www.threads.net/@cnbcinternational X: https://twitter.com/CNBCi Telegram: https://t.me/cnbci WhatsApp: https://bit.ly/CNBCiWhatsApp