It's embarrassing when it's your home town, and everywhere else in that area is becoming nicer and more gentrified.
A land value tax is ideal, but that will take substantial time to work towards. You can get this done today.
https://en.wikipedia.org/wiki/Kelo_v._City_of_New_London (“Wikipedia: Kelo v. City of New London“)
(I was not a fan of this SCOTUS outcome for obvious property rights reasons, but it seems ideal for use against the capital investment opportunists described in this piece)
The problem is certain companies would fight it to death.