An important aspect of the urban story of many cities in the developed world is their "regeneration" after many years of long-term social, economic and environmental decline. This is especially so in cities that have sought to reverse a long-standing, negative reputation and pejorative image. Based on the context of post-industrial cities in the United Kingdom, this article explores the paradox of how many cities have simultaneously managed to reverse long-term decline while the most disadvantaged within the city often do not reap the benefits of regeneration efforts. In this article, it is posited that a capabilities-informed perspective that enables a distinctive articulation of the quality-of-life challenges and needs of the urban poor is necessary. On the basis of an analysis of the extant literature, we draw, in particular, on Sen's capabilities approach, Takala and Pallab's work on corporate social responsibility (CSR) and Elkington's triple bottom-line schema of CSR and its integration with corporate governance. We also contend that the changing nature of the relationship between the state and those formally tasked with addressing disadvantaged neighbourhoods, including third sector organisations such as social enterprises, has created a greater need for independent community action for social regeneration. (Contains 1 note.)