Agreed 100%. The homeowners didn't own a view of the lake. They didn't own the lake. They didn't own the strip of land around the lake. They had a view of the lake for free at the courtesy of the developer. Once the land changed hands, the new owner decided not to provide a view of the lake, access to the lake, or use of the strip of land around the lake for free.
You are misapplying the concepts. You seem stuck on the mistaken belief that you somehow have rights to other people's property.
I'll go through this even though it didn't seem necessary before.
If you buy a house next to vacant land and you enjoy the solitude of having no neighbors and the view of the land that is not currently occupied and then someone comes along and buys the property and builds a house on it (or a subdivision, or a shopping mall) and it ruins your view and solitude and therefore your enjoyment of your property, what are your "rights"? Think about this and spare me from scores more of examples.
*SIGH* These homeowners can enjoy their property. They can no longer enjoy his property, unless they choose to pay for it. Think about the reverse: what if this guy demanded that the homeowners remove their houses, because it was detrimental to his view while boating on his lake. Would that be okay?