You're right; ownership has never been all that absolute. Nowadays, they tend to describe ownership as a bundle of rights that a person has with respect to property. They want you to picture a little bundle of sticks, each one representing a right to do something with regard to the property. Here and there, the government comes along and takes a stick out or puts another one in - more taking out than putting back in lately, I'm afraid. ;-)
Actually, you don't even get that. You get handed a bundle of priviledges, not rights.
If they were rights, they couldn't be taken away from you. As it stands what you can do with 'your' property can change with as little as a re-zoning or simple legislation.