Yes it’s unfortunate. Gentrification is a big win for homeowners, and a big loss for renters. Are there strategies that allow us to improve our neighborhoods without displacing renters?
Another thing that would help is a land value tax (as opposed to a property value tax) which would promote the use of expensive land for more housing.
Rent control; just as Prop 13 (adverse impacts in other areas aside) allows improving neighborhoods without displacing homeowners on limited incomes through property tax.
Of course, anything that prevents displacing renters will necessary produce some drag on financial incentives for local improvements. (Just as not displacing homeowners on fixed incomes does.)