Penn Central Transportation Co. v. New York City

Penn Central Transportation Co. v. New York City (1978) was a landmark Supreme Court case focusing on property rights and government regulations. Penn Central sought to develop a high-rise building above Grand Central Terminal, a designated historic landmark. The city denied the permit to preserve the terminal's historic character. Penn Central argued this was a "taking" of property without compensation, violating the Fifth Amendment. The Court ruled in favor of New York City, deciding that the landmark designation did not constitute a taking, as the regulations served the public interest without destroying the property's economic viability.