Please try to understand that the fence is on the DEVELOPER's property, NOT the homeowners property. There is NO WAY that building a fence ON HIS PROPERTY can affect the homeowners enjoyment of THEIR OWN property.
The lake and strip of land belong to the DEVELOPER, the fence is on the developer's land. The only thing that can be affected by the fence is the homeowners enjoyment of a view/land that the DEVELOPER OWNS.
YES it CAN. I can build a fence with scenes of lynchings to try and drive out my black neighbors. I bet the ugly fence next to the back door significantly hurt the resale value of the houses in question and it affected the view from their house while the lake owner demanded payment to remove the fence in order to restore the previous status of the houses.
Let;s say you live next door to a guy and he doesn't like you. So when you go to sell your house, he throws trash all over his yard, dumps some old cars and trailers in the yard and puts up a fence that he later burns in places to make it look bad. And he tells the neighbors he is doing it to spite you but will stop if you pay him $5000. Are you harmed?
Let me guess: you're a libertarian, an atomist. Every man is an island, entire to himself. If I move in next to you and build a rendering plant in my back yard and allow the prevailing winds to waft the delicious aroma and screams of dying animals across your pool, barbecue pit, and into your open bedroom window it will not affect you. Why? Because I am not physically on your property.
Sounds about right.