We disagree. Regulatory power destroys the intangible value of those goods for which we use that power to preserve. That fact disinvests the wealth necessary to care for those goods. It is sufficient power to be used for corrupt purposes that are very hard to detect and prosecute.
Should a town not have the ability to zone an area 'residential' and thus prevent a fireworks company from purchasing several lots and building a manufacturing and distribution facility? How is that not a proper function and jurisdiction of government?
The residents can enter into a contract precluding such instead.