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105
Penn Central
GRAND CENTRAL- REGULATORY TAKING
Regulation authorized by statute that sufficiently frustrates the rational expectations of investors in land capital can amount to a “taking” even if it serves an important public purpose.
Majority- no taking
1. City’s restrictions on land use for Grand Central not taking and therefore did not require just compensation.
2. Did not experience severe economic loss
3. Could continue operating Terminal, which was its main investment-backed expectations
4. Regulation was not a physical invasion, but rather reasonable regulation for the public good.
Dissent- taking
1. Character of the gov’t action: not preventing a noxious use but eliminated a legal attribute of ownership
Regulation authorized by statute that sufficiently frustrates the rational expectations of investors in land capital can amount to a “taking” even if it serves an important public purpose.
Majority- no taking
1. City’s restrictions on land use for Grand Central not taking and therefore did not require just compensation.
2. Did not experience severe economic loss
3. Could continue operating Terminal, which was its main investment-backed expectations
4. Regulation was not a physical invasion, but rather reasonable regulation for the public good.
Dissent- taking
1. Character of the gov’t action: not preventing a noxious use but eliminated a legal attribute of ownership
