Developers must replace the existing units with units of similar size and the same number of bedrooms, and those who have to move during the redevelopment phase get first crack at moving back into their "replacement unit" which will remain at the same rent (+ inflation) typically for at least 2 decades. That's not to say that there's not the massive inconvenience of a move during the redevelopment time, and then another one several years later when the new building is finished, but the compensation is a big unit with all the latest everything in the new building after the whole rigamarole is over with. (The developers typically assist in finding tenants units during the interim, and cover higher rents if applicable.)
So, yes, there's the major inconvenience of displacement for a time, but it's not an all-is-lost situation either. You may end up with a great unit in a building that also has fun new amenity spaces.
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