Greens propose rent-review reforms and council auctions to revive empty storefronts

The Green Party is set to introduce legislation that would modify commercial leasing regulations, enabling market rent reviews to lower rents for small businesses earning under $30 million annually. The change aims to eliminate “ratchet clauses” that prevent rent from falling when market conditions weaken. Additionally, the party would give local councils authority to auction the lease of any shop that has remained empty for over twelve months, after an eight-week notice to the landlord.

A 5 percent cap on rent reductions would mirror the existing cap on rent increases. Co-leader Chlöe Swarbrick said these steps would reduce costs for existing retailers, fill vacant storefronts, boost foot traffic, and support job creation in city centres.