Matt Paterson, Property Council’s government relations director.
Commercial property owners are facing scheduled fortifying of earthquake-prone buildings.
And even though building strengthening does not apply to residential property owners, vulnerable multi-level accommodation spanning more than three units has to be fortified.
Situated as it is on a fault line, Wellington properties have to have seismic assessments within five years and the necessary fortifying within 15 years. Other vulnerable buildings have to be fortified between 20 to 50 years.
Many who are responsible for the costs involved are struggling to meet the financial demands of seismic strengthening.
“The situation is made worse because the government has made the work mandatory but is not prepared to make it tax deductible despite it being a clear business expense,” says Matt Paterson, Property Council’s government relations director. “The government is in effect penalising building owners financially for doing the right thing and making their buildings safer. Property Council continues to call on the government to address the affordability issues immediately. Building owners are doing their bit and so should the government.”
