The guy quoted in the OP seems to think there is. Once again, I don't expect the FCC to do what he wants.
While a few major market AMs may have very valuable real estate where the station is worth more dead than alive, those same major market stations will not achieve full market coverage with the average translator.
Yes, many former Class IV (graveyard channel) stations in bigger cities can cover well or better than the AM with a full power 250 watt translator at decent height, but most larger market stations won't get anything comparable to their AM market coverage, at least daytime.
And once you get out of the larger markets, land values decline most dramatically.
I'm thinking of a market where I know a bit about land values, Traverse City, MI. Were any of the AMs, like 1400, or 1310 (the ones that would come close to duplicating most of the population coverage with a translator) to close, the land they sit on is going to be priced at orchard / vinyard costs which may be from $5 thousand an acre to $15,000 an acre, depending on proximity to roads and tourist zones (view, woodlands, etc.). Nobody is going to be using "windfall" in the context of those properties.
And the same scenario is going to play out in comparable markets, from Imokalee, FL to Ishpeming, MI and from Caribou, ME to Brawley, CA.
The real gain is not having to maintain a tower, lighting, a little building, a transmitter and such.