I used to argue against conflating property and immaterial rights along those lines. But it gets kind of interesting if you realize that all property titles are state-granted exclusionary privileges. So the distinction might not be that important.<p>When John Locke argued for the moral right of property as a result of labor, he also argued that it only applies when there are an abundance of resources.
An extension of that though could be, why not look at all rent generating propert with suspicion. Property rents, as a result of exclusive rights to scarce resources, could be seen as an externality, as a result of everybody else accepting those exclusive rights without compensation for being excluded.