Smyth v. Conservation Commission of Falmouth

Issue: (1) Whether the loss of all developmental use of property and a 91.5 percent decline in its value is a sufficient "economic impact" to support a regulatory takings claim under Penn Central Transportation Co. v. New York City; (2) whether a person who acquires land in a developed area, prior to regulation, has a legitimate "expectation" of building and, if so, whether that interest can be defeated by a lack of investment in construction; and (3) whether the Supreme Court should excise the "character" factor from Penn Central regulatory takings analysis.