There has been much controversy lately over the room-sharing startup Airbnb which has recently awakened the argument over innovation vs. regulation. Airbnb has been presented itself as one of the most visible players in the “sharing economy” - ahead of services such as Vrbo and Flipkey. These short-term rentals are allegedly depleting the scarce housing market.

James and Jeanne Harmon are nothing if not persistent. The couple, landlords who own a Beaux-arts style townhouse on West 76th Street on Manhattan's Upper West Side, have been attempting to overturn New York City rent-regulations in federal courts for the past 4 years, and their efforts are beginning to pay off. Despite the fact that the couple’s lawsuit lost in the U.S. District Court and the Second U.S. Court of Appeals, the Supreme Court is interested in taking it. In an unprecedented move, the justices are asking both New York City and State to file a formal response to the couple’s suit by this Monday. So thanks to the efforts of one couple, the constitutionality of rent-regulation in New York City is being called into question for the first time in history, and the implications for Manhattan real estate are impossible to overstate.