The premium would be really large though. The difference is only in degree between current zoning and something like "I have a nice view from my window and therefore my neighbors should not be allowed to build up the 2nd floor or plant trees in a way that would block it, and nobody should be allowed to build tall buildings in downtown between me and the mountains". The current zoning just happens to be status quo. Both unreasonably restrict what others can do with their property, and the only fair way to really "pay the premium" to enforce either is to buy the land (or at least, pay some large fraction of market rent, to offset the loss that owner incurs by not e.g. building and renting out more units). Well that or NIMBYism, which is a nicer name for regulatory capture, i.e. corruption.