Call for Govt action on strengthening costs
Under the Building (Earthquake-prone Buildings) Amendment Bill, local councils will have five years to assess whether buildings are earthquake-prone. Owners then have 15 years to bring them up to standard.
The Property Council said too much time was passing and uncertainty was increasing.
It said it was paramount that Government stepped in to address affordability concerns associated with undertaking this strengthening work. If not, it said businesses and local communities could suffer.
Property Council chief executive Connal Townsend said the costs for undertaking strengthening work are substantial and it is likely many building owners will struggle to afford them.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
