The Supreme Court is meeting tomorrow to decide whether or not to take up a number of the cases currently petitioning for review. Among them is Harmon v. Kimmel, the challenge filed by New York City landlords James and Jeanne Harmon against the city's famous rent stabilization law. At issue is whether or not the rent law should be considered a regulatory taking under the Fifth Amendment to the Constitution, which declares, "nor shall private property be taken for public use without just compensation."
Will the Supreme Court agree to hear the case? It's possible. When the Harmons first petitioned the Court for review last fall, New York officials waived their right to file a brief in opposition. But then the Supreme Court requested that New York weigh in anyway, suggesting that somebody at the Court thinks the legal challenge has merit.
We'll know more soon enough. In the meantime, read my argument for why the Supreme Court should take the case and then watch Reason.tv on New York's rent control laws.