The city council were warned about commercial property owners leaving if the council made the CBD rebuild uneconomic. They didn’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 – 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.