Question
Ronald was areal estate developer who purchased land in Manhattan for $20 million to build a skysraper. After the purchase, the city a passed a
Ronald was areal estate developer who purchased land in Manhattan for $20 million to build a skysraper. After the purchase, the city a passed a new zoning ordinance preventing the building of all new developments for environmental purposes. Ronald now has no legitimate commercial use of the property anymore and it is essentially worthless. However, Ronald still had full title to the property. Under these circumstances, if Ronald sues the city for his losses, he will a) lose beacause this is not a taking as he still owns the property. b) lose beacause there was a legitimate envirnmental purpose for the regulation. c) win beacause cities must always compensate owners for regulations and ordinances that affect their property. d) win beacause the regulation depleted all economic valuefrom his property.
please answer and explain
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