I am in favor of the notion but it seems like revoking Prop 13 and rezoning the area over the objections of NIMBYists is just as likely to occur and probably prudent whatever else happens.
Nimby should be fixed in the law. Value of your own property should be just your own concern. If whatever happens around it doesn't emit toxic substances or horrible smells or noises and doesn't lower insolation of your property below some minimum levels then you should have no saying in what happens not on your land.