Where does land value come from? Is it from the efforts of an individual owner, or from those of the society at large to which individual owners glom on? If the former, then owners might indeed be entitled to compensation when an act of government diminishes their possibility of monetary return.
But if land values come all or in part from the work and investment of the society at large, then so-called “takings” doctrine is itself a form of taking, from all of us.