Property can be taken by City

WASHINGTON (Reuters) - A divided U.S. Supreme Court ruled on Thursday that a city can take a person's home as part of a private development project aimed at boosting tax revenues and revitalizing a local economy, a decision that could have nationwide impact. By a 5-4 vote, the high court upheld a ruling that New London, Connecticut, can seize the homes and businesses owned by seven families for a private development project that will complement a nearby research facility by the Pfizer Inc. drug company.