Developer-led regeneration has "done very little" for the vast majority of Greater Manchester, a report has said.
The Alliance Manchester Business School report said it had created "islands of private affluence" and neglected services like "decent housing and transport" for the wider population.
It called for a new long-term vision.
Greater Manchester Combined Authority (GMCA) said the report was "surprising" as the authors had called for something that already exists.
The report said recently-built flats had "no connection" with local housing needs, which required family accommodation at much lower rents, and stated that while more than 11,000 private flats were being built, construction of social housing had "basically stopped".
It added that the waiting list for social housing had reached 80,000.
Developer regeneration had produced a "shiny external appearance [which] impresses London journalists on a day return rail ticket, but it offers very little to most Greater Manchester citizens beyond more choice of city-region shopping destination, a Saturday night in the centre or a holiday flight from the airport", it said.
The approach had done "nothing to remedy the painful inequalities" between boroughs, it added.
The report's authors said they were willing to "contribute to alternative thinking" about regeneration and called for the GMCA to create a long-term strategy focused on the well-being of all of Greater Manchester's citizens.
The GMCA said its strategy had contributions from all 10 councils, the mayor, public services such as the NHS and fire service as well as help from the public.
"It sets out our ambitions for the future of the city-region and the 2.8 million people who live in the towns, cities, communities and neighbourhoods that make up Greater Manchester," a spokesman said.
"It covers health, wellbeing, work and jobs, housing, transport, skills, training and economic growth."