Penn Central Transportation Company v. City of New York

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Abstract
On June 26,1978, the United States Supreme Court, in a 6-3 decision, handed down its ruling in Penn Central Transportation Company v. City of New York 46 U.S.L.W. 4856,30 ZD 434, holding that restrictions on the development of the Grand Central Terminal did not amount to a taking of property, since Penn Central could transfer the development rights to other properties and a reasonable return on the property was allowed. Opinions differ as to what the case actually says and what its effect will be. On the one hank, it has been hailed as a landmark decision for landmarks, and, on the other, it has been described as a non-case, cir-cumventing some important issues concerning police power regulation and eminent domain. The following comments analyze the decision and the effects it will have on historic preservation and development rights transfer, and the police power and eminent domain.

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