Penn Cent. Transportation Co. v. NYC case brief

 Penn Cent. Transp. Co. v. NYC

FACTS
-Because Penn Cent. terminal was declared a “landmark” under NY law, restrictions were placed on the use and alteration of the terminal site.

1. Rule: A landmark preservation statute which restricts the exploitation of sites determined to be “landmarks” does not effect a “taking” of the property so designated for a public use within the meaning of the 5th Amendment.
   1. diminution in property value alone is not a taking otherwise govt. couldn’t function
2. Penn Central “Balancing Test”
   1. Econ. harm to the property owner
   2. Extent to which reg. has interfered with reasonable investment backed expectations
   3. Character of the govt. action