Sydney is becoming more and more like NYC! Everything has a monetary value, even air. The Sydney ” view tax” model is far more fraught and uncertain than the NYC “air rights ownership” model though.
In NYC there are “air rights”. Air rights generally refer to the empty space above a property. But what happens when a building is only six stories high when it could potentially be 32 based on its zoning? This is referred to as a building’s “unused potential”. A nearby building or development could tap into that potential by buying the “underbuilt” air space and using it to provide both light and views to add value to their own building or development.
https://www.nytimes.com/2013/02/24/realestate/the-great-race-for-manhattan-air-rights.html