It turned into a luxury place because that's where the highest margins in construction are. Every developer wants to build high margin houses, nobody wants to build low margin houses.
City development must cater to all its inhabitants, and if you have a prime estate like the Battersea Power Station, it's a failure, from the city's POV, if you burn that only on high margin development. From a negotiation standpoint, the city negotiated badly here. The city has to accommodate the needs of less wealthy inhabitants in other means now, but without the negotiation leverage that a high margin property can provide.
If you view it like this, the complaints "only luxury flats" are pretty rational. The city negotiated badly.
City development must cater to all its inhabitants, and if you have a prime estate like the Battersea Power Station, it's a failure, from the city's POV, if you burn that only on high margin development. From a negotiation standpoint, the city negotiated badly here. The city has to accommodate the needs of less wealthy inhabitants in other means now, but without the negotiation leverage that a high margin property can provide.
If you view it like this, the complaints "only luxury flats" are pretty rational. The city negotiated badly.