Tenant support ramps up to $650m

Tenant support ramps up to $650m
Retailers are hurting. (Image: BusinessDesk)
Brent Melville
The New Zealand Property Council says large commercial landlords have stumped up more than $650 million in rent relief for struggling tenants since covid restrictions began.That’s based on a survey of 200 of the council’s 550 members and is more than double what was initially reported last week.The disclosures come after the surprise announcement by justice minister Kris Faafoi on Sept 28 to amend the Property Law Act and insert a retroactive clause into all leases requiring landowners to forgo a ‘fair proportion’ of ren...

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