Tearing down the old neighbourhood

Again, it’s the old but historical vs new and better living environment. How do we balance problems like this?

The video basically says in subtitles:
Hong Kong is forever re-inventing itself. But at what cost? Historic neighbourhoods that have been home to generations of Hong Kongers are coming tumbling down in a cloud of dust and rubble. Beautiful period architecture is being torn down to make room for high rises. As land becomes more precious on this tiny crowded island more communities face the wrecking ball.