If you pay $750k for a home and someone buys the highest parcel in the neighborhood (which used to be open park land), and puts up a shipping container that get

If you pay $750k for a home and someone buys the highest parcel in the neighborhood (which used to be open park land), and puts up a shipping container that gets graffiti'd, your real estate value is going to take a hit. The neighborhood is now uglier, has less aesthetic quality, and is potentially endangered in case of earthquake. Many cities have ordinances such that someone can't buy a lot in a neighborhood and turn it into a landfill such that everyone's property values suffer.