I have news for you. There is no way to "protect Payson against the whims of Wall Street." Or, more accurately, against the flow of the national economy. If the national, or worse yet, the international economy turns downward for an extended period of time, there is no action the Payson town government can take that will have any effect.
The only wise course, for anyone, in such times is to trim sails, conserve resources, and ride out the storm. There is nothing to be gained by building when there is no demand, no matter what concessions the town might make. All that surplus construction accomplishes, is to drive down the price of all structures in town.
Speaking of town concessions, you mention two. One is unnecessary rules, regulations and bureaucracy. To the extent that there is substance in such charges, these unnecessary costs should be eliminated immediately, in good times as well as bad times. Such costs add nothing to the general welfare, except to the people who are employed in such unnecessary positions.
The other question is the cost of "pricey development fees." This is money received by the town and spent by the town. If the owners of new buildings, not the developers don't pay these costs, all the rest of us will.
It is as simple as that. All the money the town has comes from us, directly or indirectly. In my opinion, whenever the town can identify the cost of something that the town does to furnish a service, then the person who receives that service should pay for it.
If the cost of the service can be reduced, that is all to the good, but shifting the cost to the general public is generally not a good way to force cost reduction.