Yeah, but you don't own that other property. Other people do, and they should be able to do as they please with it, so long as it meets zoning regulations.

I don't think a concept of a fractional ownership exists because, well, it's not yours.

If you really want some guarantee that your immediate radius will meet some sort of standards, it sounds like you'd want to be part of an HOA. I personally would never want to be part of one (who likes being told what to do?) but they could help protect property values from that one neighbor who could be a problem.