Region classed as impoverished? Alderman to peeve, upset (11,4)

I believe the answer is:

development area

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'region classed as impoverished?' is the definition.
I know nothing about this answer so I cannot judge whether it can be defined by this definition.

'alderman to peeve upset' is the wordplay.
'upset' is an anagram indicator.
'alderman'+'to'+'peeve'='aldermantopeeve'
'aldermantopeeve' with letters rearranged gives 'DEVELOPMENT AREA'.

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I've seen this clue in The Independent.

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