The city council were warned about commercial property owners leaving if the council made the CBD rebuild uneconomic. They didnâ€™t listen and now property owners are moving their capital out of Christchurch.
Fellow landlord Dean Marshall, a founder of the City Owners Rebuild Entity group, said lack of insurance for new builds and the actions of the Christchurch City Council were driving capital away.
“They [the council] just don’t get it, they think all the property owners make so much money but they don’t understand the numbers â€“ they don’t have a commercial reality.”
Bob probably wants to progress with his daft monorail idea, at the expense of some quick solutions to the problem of council caused capital flight.