Willis Nicola; Dean JacquiUNIT TITLES (STRENGTHENING BODY CORPORATE GOVERNANCE AND OTHER MATTERS) AMENDMENT BILLThird ReadingNICOLA WILLIS (Deputy Leader—National): I move That the Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Bill be now read a third time.This bill ushers in a new era of strengthened protections for current and prospective apartment owners. It gives a big green light to every New Zealander who may in the past have hesitated to buy an apartment having heard horror stories but will in future be able to do so with an enhanced foundation of rights and protections. I am determined to see more New Zealanders in homeownership and I believe the modernisation of this Act is an important step towards that goal.This bill has had many parents and I must begin this speech by particularly acknowledging my former National Party colleague and MP for Auckland Central the Hon Nikki Kaye whose tireless work led to the initial drafting of this bill and its introduction as a member's bill. Nikki worked with dozens of stakeholders who gave generously of their time and expertise to help fix an Act that has caused problems and heartache for too many people. Nikki listened to those stories from so many people in her electorate and she took action. I want to also acknowledge the way in which this bill has been improved. I am grateful to all MPs across Parliament and across parties who have supported this reform in a constructive and collaborative way including Associate Minister of Housing Poto Williams who made her officials available and has supported the progress of this legislation. This bill was hugely improved by the select committee process and its passage is I think a great example of what MPs can achieve across parties when we work to a common purpose.So what does this bill do? It ensures a fit for purpose disclosure regime for those considering purchase of a unit title dwelling. Too often I have heard people trying to enter the homeownership market say to me I'd like to look at an apartment it's more affordable but I just worry whether I'll really know what's going on with the building." Well the changes we are making in the House tonight will ensure that prospective buyers face a far more comprehensive disclosure regime and have their rights to information about the building in which they buy an apartment or a unit title much more clearly defined in law. My message to those of you out there who've thought about buying an apartment is tonight this bill should give you confidence to do so. This is your green light.The bill also strengthens body corporate governance arrangements. It recognises that a body corporate is managing what is for most people their most significant asset their home. And so it is vitally important that we ensure that the governance of the buildings in which those homes are located is done to professional standards. Simple things like requiring bodies corporate to keep records; allowing electronic and remote voting—hello it's 2022!—clarifying the power of body corporate committees; and requiring committee members to abide by a code of conduct that makes it clear that when you are managing a body corporate you are doing so in the best interests of those whose property is held in that body corporate and you are doing so with certain knowledge of the law that it is you are meant to be implementing and that you strive at all times to do so with integrity. These seem basic things but until tonight they haven't been spelt out clearly in our law and it is a very good step forward that they now will be.I am sure that many of the people living in a unit title today will now be able to have confidence that it will be governed properly. But I am most excited for the people in the future who can go into a unit title appointment knowing the body corporate stuff's going to be OK. There are standards and if people don't meet them there is a law there to ensure its enforcement. The bill increases the standards for body corporate managers. These are often incredibly powerful individuals who are managing multimillion-dollar assets on behalf of people and in trust. It requires that body corporate managers have to comply with a code of conduct so that they don't put their personal interests ahead of those of the people whose assets they are managing and so that where they have conflicts of interest those are properly disclosed and so that the people providing them the power to manage their property can have confidence that they are being required to do so in a right and proper manner. The bill ensures that unit title developments adequately plan for and fund long-term maintenance plans. It adds in a requirement that bodies corporate have to have to produce a long-term maintenance plan that includes detailed cost estimations for the first 10 years and high-level projections for the 20 years after that so that going in to purchase an apartment you can know what is the condition of this building today how much work is going to be required on it in the future and what costs might I expect to face. It requires the creation of long-term maintenance funds for large and medium developments but does I think strike a good balance by allowing people to opt out if they decide that that is not the way they wish their assets to be managed. Finally the bill strengthens the dispute resolution process so that where things do go wrong—and while I am saying this is ushering in a wonderful new era I acknowledge where there are human beings there can be conflict—there is now a much-better mechanism for dispute resolution allowing the Tenancy Tribunal to help with unit title disputes and reducing the fees that are charged when they do so. This bill I have no doubt will reduce many of the horror stories that have resulted from outdated legislation that has to date put off many people choosing an apartment. The bill should be a strong antidote to that. As we consider the challenges that New Zealand faces—and I would put to this House that incredibly high levels of rents incredibly vast reducing rates of homeownership and increasingly unaffordable housing are some of those significant challenges—it is incumbent upon us to think of ways to solve it. And I think it is clear to all of us that one of the ways we can strengthen the rungs on the ladder of property ownership is to ensure there are more affordable options for buyers as they enter that market. It is likely in future that more New Zealanders will choose to purchase an apartment will choose to purchase a unit title and it's appropriate that we're modernising the law to ensure they can do so with confidence. I want to note that it's very important that we monitor the impact of this bill in practice. I acknowledge those submitters and stakeholders who would have liked to have seen a few more things done or done a little bit differently. I thank all of those who have acknowledged that it's better that we do this now than leave it forever to get it perfect. I commend this House for not allowing the perfect to be the enemy of the good. But I would also note that I will be one of the many people monitoring the implementation of this bill in practice to ensure it meets the goals of this House. I hope that this bill will unlock another avenue to homeownership for the many New Zealanders who currently miss out on that. I acknowledge there is much more that this House can and should do to support those goals but I am certain that if we go out and tell New Zealanders what we've managed to achieve across the Parliament with this bill we can give more people confidence to look with fresh eyes at the apartment or unit title option. I want to finish by once again acknowledging Nikki Kaye. This really is for you Nikki and I will acknowledge that your follower in the seat of Auckland Central Chlöe Swarbrick has carried your legacy on with pride in this regard and has been a good advocate for these changes acknowledging the needs of her constituents. I want to acknowledge Joanna Pidgeon who first explained what this was all about to me and Tim Jones. Many people created this bill. Thank you to all of you who have made it possible. I commend it to the House. ASSISTANT SPEAKER (Hon Jacqui Dean): The question is that the motion be agreed to."