Whether a regulatory action that diminishes the value of a claimant's property constitutes a "taking" of that property within the meaning of the Fifth Amendment depends on several factors, including the economic impact of the regulation on the claimant, particularly the extent to which the regulation has interfered with distinct investment-backed expectations, as well as the character of the governmental action. Decided June 26, 1978 (argued April 17, 1978). Opinion of the Court: William J. Brennan → go there Dissenting: Rehnquist. Applied: the Fifth Amendment → go there Topic: Takings Clause. Penn Central Transportation Co. v. New York City, 438 U.S. 104 (1978), is a landmark United States Supreme Court decision on compensation for regulatory takings. Penn Central sued the government of New York City after the New York City Landmark Preservation Commission denied its bid to build a large office building on top of Grand Central Terminal. The Supreme Court ruled in the city's favor. Wiki link