This is how I’ve always viewed the issue: homesteading is a matter of putting some u**nused identifiable pattern of property towards a certain identifiable use.
In other words, if you first use a shipping lane, others can change the property/pattern so long as they don’t prevent your use of that property/pattern as a shipping lane. Others could also use it as a shipping lane, or they could fish on it, etc. They could NOT put a toll plaza on it.
Or let’s say you are the first to start fishing a certain area. Others could also fish the area, so long as they did not prevent you from similar fishing experiences. This means that other fishers cannot fish in a manner where the fish population is adversely affected. Fishing licenses are designed to create this exact effect. Fish kept must be a length that ensures they are mature and have probably mated. Additionally, there are limits on how many fish any one person is allowed to keep. Homesteading in my view would seem to create the same effect, only it could be enforced by anyone, rather than just the state.
If you use a certain geographical area as an observatory, it would be a property violation for someone to put a gigantic windmill next to it, which blocks the view of the stars. Similarly, it would be a property violation to put a coal plant, etc. close enough to it to dilute the view of the stars. Yet, someone COULD put a hotdog stand next to it.
So, to answer the initial question, if you were there surfing the waves, which are a pattern of tangible property, you have a property right that no one else disrupts this pattern of nature. People could dredg under the water, so long as this didn’t diminish the waves.
This creates some interesting anamolies, however. For instance, if I build a house in the middle of a forest, does this mean I own the forest, as it is being used to supply me with a nice view? I think that are reasonable claims and reasonable restraints on such.
Can airplanes fly over your home, disturbing your patternistic claim to peace-and-quiet, as well as changing your view of the sky? Surely, if such air lanes were established before your housing settlement. If vice versa, then no. Of course, what is a reasonable violation? Blocking out .0001% of the sky and causing +1 db of noise could be said to be consistent with natural phenomenon.
But there actually exists another mechanism to balancing such. Offenses would be measured in money terms. If minor violations only yeild $5 infractions, the damaged party would likely waive such. Or the offending party would license the damaged party’s property for this purpose, at a cost cheaper than taking it continuously to court. This is in line with Coase.
The most basic restriction is that there is no claim to homestead property for “commercial use”. This is basically claiming land/resources for no specific purpose other than to sell or rent it, which is really not use at all.
So to recap, my basic homesteading theory is that some pattern of or actual property must have identifying characteristics and it must be put to some identifiable usage. Two patterns of property and usage can occupy the same matter, so long as the new claim does not interfere with the previously claim.