Hold both triggers and then press right or left on the D pad. (although I swear it used to be the up and down buttons.) Should work on any object although every now and then it gives me trouble. Usually simply restarting the game fixes things. The other day every time I hit the left trigger it brought up the keyboard. No idea what that was about. I had to restart the entire console to get rid of that one.
Oh, you're right.. doesn't work on counters anymore.. (or maybe it never did?) Weirdly if you grab a counter from the buy menu and try to resize it, it acts like it should be resizing taking up more and more tile space without actually resizing the counter top. If you try it with an already placed counter it just lets go of it and acts like you placed it.