During the last five years, the United States Supreme Court has evolved a new "takings" doctrine. Starting with Nollan v. California Coastal Commission and then most recently in Lucas v. South Carolina Coastal Council, the Court has sent a clear message to land-use regulators. General regulatory control over land-use will now be carefully scrutinized. If a type of land-use is barred or substantially restricted, it will be found to be a "taking" requiring compensation, unless such controls can be justified as based on historic common law principles of property law. This Article will review the evolution of this new doctrine and then argue that the public trust doctrine is one of those "common law property doctrines" that can justify regulations without the paying of compensation.