The doctrine of regulatory takings 'aims to identify regulatory actions that are functionally equivalent to the classic taking.' Lingle v. Chevron U.S.A. Inc., 544 U.S. 528, 539, 125 S.Ct. 2074, 161 L.Ed.2d 876 (2005). Thus, it is a taking when a state regulation forces a property owner to submit to a permanent physical occupation, Loretto v. Teleprompter Manhattan CATV Corp., 458 U.S. 419, 425-426, 102 S.Ct. 3164, 73 L.Ed.2d 868 (1982), or deprives him of all economically beneficial use of his property, Lucas v. South Carolina Coastal Council, 505 U.S. 1003, 1019, 112 S.Ct. 2886, 120 L.Ed.2d 798 (1992). Finally States effect a taking if they recharacterize as public property what was previously private property. See Webb's Fabulous Pharmacies, Inc. v. Beckwith, 449 U.S. 155, 163-165, 101 S.Ct. 446, 66 L.Ed.2d 358 (1980).
The Government has considerable latitude in regulating property rights in ways that may adversely affect the owners. See Keystone Bituminous Coal Assn. v. DeBenedictis, 480 U. S. 470, 480 U. S. 491-492 (1987); Penn Central Transportation Co. v. New York City, 438 U. S. 104, 438 U. S. 125-127 (1978); Goldblatt v. Hempstead, 369 U. S. 590, 369 U. S. 592-593 (1962).