Rent Control: U.S. Supreme Court Refuses to Hear NYC Case | AOL Real Estate

The U. S. Supreme Court on Monday refused to hear an appeal contending that New York City's rent control laws are unconstitutional. James and Jeanne Harmon, who own a five-story brownstone building on Manhattan's Upper West Side (pictured at left), had their case rejected by the U.S. Court of Appeals for the 2nd Circuit in New York City last September.

The Harmons claimed that the law violates their Fifth Amendment rights, citing the part that says that "private property [shall not] be taken for public use without just compensation." The Court of Appeals disagreed, arguing that the Harmons knew what they were getting into when they acquired the building in 1994, and that they still retained the right to demolish the building or kick out bad tenants.

via Rent Control: U.S. Supreme Court Refuses to Hear NYC Case | AOL Real Estate.

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