RENTS AND MORTGAGES

Poverty Bay Herald, Volume LXIII, Issue 19141, 9 October 1936, Page 10

RENTS AND MORTGAGES

LEGISLATION HARDSHIPS ESTATE AGENCY OPINION Comment on some aspects of recent legislation was made in Dunedin by Mr. Douglas M. Spedding, when moving the adoption of the report, at. the annual meeting of the Ofa.uo branch of the Real Estate Institute" of New Zealand. "Although the Fair Rents Bill mrry have many'good points to commend it," he said, ""some of the provisions are undoubtedly a great hardship to landlords and 'very much in favour of tenants. '"""Many landlords." Mr. Spedding added, "have voluntarily reduced their rents to a figure much lower than that

required by the law, more especially when thcir'tenants have been temporarily unemployed, and it is on these landlords that the, provisions of the Fair Rents Bill are unduly harsh, owing to the fixing of a standard rent without the circumstances of the case being fully investigated."

Under the legislation with regard to mortgages the same hardship would apply in the case of many of whom, in an endeavour to assist the mortgagor, had advanced a greater sum on mortgage than was perhaps prudent, and were now in danger of losing part, of their capital through a compulsory system of, mortgage reduction. This, in Iris opinion, was introducing a system of repudiation which was neither equitable nor just. The Shops and Offices Act and its amendments were causing much concern to members. If the full provisions of this Act were put into effect, there was a grave danger of many of the smaller firms being eventually forced out of business.