Property rights as conceived by Adam smith, John Locke, and even the most ruthless anarcho-capitalists like Murray Rothbard does not acknowledge the right of ownership of land from merely seeing it and declaring everyone else is blocked from accessing the next place. In all such systems, ownership is first derived from developing or homesteading the land.
People that own undeveloped land purely for the reason of blocking someone else do not have any place in the capitalist system. It is nice someone is working on undoing that, through the mechanisms they have available.
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