I'm guessing you don't have children. Putting children under the age of 12 in a boarding school isn't the best idea. Putting kids under the age of 8 in a boarding school is simply a terrible idea. They need too much care at these ages.
If you're idea is done in the context of replacing foster homes for kids who are removed from their parents by social services, I suppose it can work.
There are many successful societies where boarding schools are the norm for the most wealthy and successful people. I don't just mean China and India, where it is extremely common. I mean also England, where it had been more common, and has now become less common; Wealthy WASPS in the North East of America have a few institutions where they send their kids; there is at least one public boarding magnate school that is highly regarded in the American South ... I don't remember its name, but a quick Google will provide I'm sure. There are many other examples.
The idea that a child is best served at the bosom of his parents might be right in the best of circumstances. It is certainly NOT right in an American inner city neighborhood.
Now if your goal is to say, I refuse the best solution, because I hold out for the dream of solving all inner city problems at once, and turning these neighborhoods into pleasant neighborhoods ... then I say, cheers.
You are precisely the reason why we need a billionaire for this venture ... public money will never come to support something so radically different.
If you're idea is done in the context of replacing foster homes for kids who are removed from their parents by social services, I suppose it can work.