Isn't that the same as:
"How would you like it if I pitched up at your water supply, said **** off this water is needed for the golf course, we're taking your water with no compensation to you"?
Erm, yeah, because golf courses are now stealing communities' water. You really shouldn't comment if your only source of information on the topic comes from a cANCer policy document that was designed to get the masses excited at the expense of "the evil elite".
Stumped, eh?
That term is invariably code for try to stop all development. It most definitely is not about striking a balance, even though its advocates pretend it is.
Pretty much sums it up.
They're not entitled to compensation. Part of doing business is knowing the rules and risks. If they buy a piece of land and find they cannot do what they wanted with it that's just too bad. There must be some enforcement of responsible behaviour otherwise business would wipe everything out for short-term gain. They've proven that over and over. Because as you say they care only about their own profit. Nonetheless there's no doubt that in places like the UK and Europe it's gone well overboard in the other direction where they cannot even build more housing or dams/water storage in spite of there being plenty of land available.
What if they owned the land before the act was passed? Is that also considered "a risk of owning land", that some new law will suddenly make it worthless? Business is profit driven - end of discussion, so how do you balance the good and bad that comes from the profit motive. Turning development into a lottery isn't helping anyone. It chases away respectable, responsible developers and opens the field to yahoos and speculators who have no incentive to keep anything sustainable.
We do need to be aware of environmental impact. We should neither be over-protecting nor under-protecting. I understand that to the money-oriented business mind anything, a building, all art really, has no worth unless some monetary value can be attached to it. We see the same thing in people who think reading for a degree that has no immediate commercial value is a waste.
In Africa, you don't "read for a degree". And yes, I do see some arts degrees as worthless. They don't benefit the economy or society.
If you own a building that is considered of historical value you either maintain it as required or sell it on to someone who will.
My policy is to either: demolish it before it's 60 birthday, demolish it behind some high walls, then get a demo certificate, or let it decay to the point of worthlessness before applying for the certificate. Why? Because most of the time the people asking for it to be saved are pissed because they missed the LSDF hearings, and now want to stop all development, so they're using conservancy laws on buildings with no historical merit. Once a building is stuck with that label it becomes worthless. Again, why must the owner bear that cost?
Take an actual example. Bob buys a house for his family in 1987, its then 40-odd years old, but he fixes it up and they live there till today. Now Bob's kids have moved out and he wants to demolish it, and build something new, more valuable, and more suitable for his current situation. The day he applies for a demo certificate, a thousand unwashed hippies will pitch up saying that a dilapidated piece of **** house has historical merit, and want it preserved.
Is it historically valuable? No, its barely habitable due to the mould in the cavity walls, the leaking slate roof, the DDT under it's hollow floors, the outdated design and shoddy foundations. But if he doesn't bulldoze it, his investment is worthless, because no-one pays good money for buildings they can't use. Bob now looks at his options, one of which is to rent it out per room to the the sort of people willing to live in a barely habitable ****hole. And that's the first step to the deterioration of the neighbourhood.
Most of the time the only two options are redevelopment or deterioration. There's only a small number of people who'd choose a refurbished old place over the clean, modern, well designed places that the majority demands.