US Supreme Court won't hear challenge to rent stabilization laws

The U.S. Supreme Court on Tuesday turned away a bid by landlords to challenge rent stabilization laws in New York City that cap rent hikes and make it harder to evict tenants.

The justices declined to hear appeals by property owners and industry groups of lower court rulings that found the price and eviction controls did not violate what is known as the "takings clause" of the U.S. Constitution's Fifth Amendment, which bars the government from taking property without compensating owners.