[Cosimo]

Note that I'm a Capitalist, not a Libertarian.

The Capitalist answer is to look at prior use. As a resident in a city, you might have established use of water, air, and easement. If new construction (say, a factory) infringes on your use of those un-ownable resources, the construction owner is responsible to you for lost value.

I'm not up on the mechanics of this, tho. Near as I can tell this concept of prior use has had only incidental use (that I vaguely recall from past readings). It's obviously not a principle in use today.