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Certainty at last, but loss of equity for many

Earthquake Recovery Spokesperson
MP for Waimakariri
18 August 2011

Certainty at last, but loss of equity for many

Labour’s Canterbury Earthquake Recovery spokesperson Clayton Cosgrove says most Kaiapoi and Pines Beach residents now have certainty about the future of their properties, but inevitably many will lose equity despite promises from John Key and Gerry Brownlee.

“Today’s announcement by Earthquake Recovery Minister Gerry Brownlee about zoning is welcome as residents have waited almost 12 months for some certainty,” Clayton Cosgrove said.

“There are still important concerns, however. Land prices around the region have been rising steadily, while residents have been trapped on properties, now zoned red, knowing full well that whatever the Government offers them is likely to entail a considerable loss of equity.

“Gerry Brownlee promised them this wouldn’t happen, and John Key said no one would be worse off

“Well, many residents are going to be worse off, as they will have to pay higher prices for land elsewhere, they will lose out on chattels, and they will be faced with the need to obtain geotech information,” Clayton Cosgrove said. “Some people have already done the calculations, and reckon they will be more than $100,000 worse off.

“As well as that, the Government has still not come up with adequate offers of legal support for residents.

“It is essential that residents are treated with sensitivity at this traumatic time. It is also essential that they are given all the information they want. Gerry Brownlee has so far refused without adequate explanation to disclose the detailed geotech information on which decisions are based, and has said he will turn down Official Information requests.

“That is grossly unfair on people who have already suffered enough through no fault of their own, and who will be now further penalised in many cases,” Clayton Cosgrove said.


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