In my area (urban, educated south) we moved from a the "busing model" for integration, into a "magnet school" model. If a school is failing, reboot it as a "charter-like" school, with some attractive theme. It is still a public school, but now offers something unique the community (like robotics programs or mandarin immersion, arts programs in partners with the opera or state symphony, IB schools etc). Then it "attracts" interested parents across the district and becomes self-sustaining. The local population gets access to the improved school, and others have a lottery (or by other means with special rules for siblings and more).

It isn't perfect, but it seems like attracting interest via magnet programs works a lot better than throwing more money at failing schools or unequal access to charter schools.