The Government will be without a crucial tool for forcing commercial tenants and landlords to the negotiating table if Auckland goes into a longer lockdown. A longer lockdown in Auckland could prove to be the death knell for many customer-facing businesses which are now locked out of their income streams, but still liable for huge rent bills. Lynn Grieveson/Newsroom Most commercial landlords have renegotiated rents to keep their properties tenanted. The Federal Government introduced a new mandatory tenancy code for commercial landlords in April which started rolling out across states in May. Are required to reduce rent in proportion to the trading reduction in the tenant’s business through a combination of waivers of rent and deferrals of rent.

Source: Stuff August 16, 2020 19:52 UTC