Redeveloping a low density property for higher density is fine, except part of what makes that new property attractive is the neighborhood it was built in. Which in our hypothetical, is low density and maybe nice.

Then in the process of redeveloping, as more and more properties are redeveloped, the old character is lost to everybody- the people who lived there as well as the new people who moved there for that character!

It's not a new conundrum- what do you do about people moving to a community for it's desirable character, but killing that character in the process? It hurts everyone involved.

HN frequently likes to take the position that the parcel you bought is yours, but if your neighbor wants to bootstrap a red light district you just have to deal. But, all over the country we have HOA's and zoning and so forth. Turns out, people want to come together and live in a community. Nobody particularly likes living in a free-for-all, so mutual agreements were set up to ensure the neighborhood you bought into doesn't turn into something totally different overnight.