Communities in Glasgow claim the regeneration of the River Clyde is not delivering for them.
Luxury flats are being built on the banks of the river
Billions of pounds are being ploughed into the plans, but people in Partick and Govan say the wealth being generated is not coming to them.
They fear poverty could even rise in their areas because the plans have not taken into account the most vulnerable.
Experts from Glasgow University and Oxfam produced the findings after speaking to people in Partick.
More than £2bn is being poured into housing, leisure facilities and offices along the Clyde in Glasgow.
But people already living in the area are worried that increasing numbers of expensive flats will push up house prices and see cheap local shops replaced by upmarket delis.
Dr Rowland Atkinson, director of urban studies at Glasgow University, said: "No-one is debating the need to redevelop the river. There is a huge opportunity to make it a new and exciting location in the city.
"I think we seem to be moving from ghettos of poverty to ghettos of affluence and there is not much being done for those people in the middle."
There are concerns on the other side of the river too.
Pacific Quay, new home for BBC Scotland
Community leaders in Govan are blaming a drop in population on too much investment in business units and office space.
BBC Scotland is due to move to Pacific Quay in Govan in 2007.
Mike Dailly, the principal solicitor at Govan Law Centre, said: "There has been a huge push for creating industrial units and office space.
"All the land that has become available, as there has been clearances of housing, has been taken over to build offices and industrial units.
"The problem that has created is that people are leaving the area. There is a question mark over primary schools as some have very few kids in them, and that means, at the end of the day, is Govan a sustainable community?"
Glasgow City Council has rejected claims that local people are being left behind.
It insists the regeneration is creating jobs and opportunities for everyone.
A spokesman said: "If the critics took some time to look at the details of the housing, leisure, offices, industries and transport systems they would see that this strategy is about giving everyone an opportunity.
"You only have to look at the dramatic changes in the Gorbals to see how successful we have been in our approach to regeneration."