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In Penn Central Transportation Company v. City of New York (1978), the Supreme Court held that Penn Central suffered an economic loss when the city of New York denied the company permission to build an office tower on the location of the Grand Central Terminal. Because that denial was based on the city’s program of preserving historical buildings for the general public good and also placed a severe economic hardship on Penn Central, it constituted a taking and the city was required to provide Penn Central just compensation for its loss.
