Review of Corporate Infrastructure: Capital Markets Takeover From Public to Corporate Ownership Once, roads, offices, and utilities were community assets . Today, they are increasingly owned by capital market vehicles : property funds, infrastructure trusts, PPPs. The Property Income Fund owning 90 Devonport Road is a prime example: public money pays rent, while equity and tax benefits flow to investors. The Mechanics of Transfer Build with public planning – Councils justify need. Fund with private capital – Ownership is vested in funds, not the public. Lease-back to the community – Councils pay escalating rent with no asset at the end. Capital market gain – Rent becomes dividend streams for investors, often overseas. Consequences Debt without equity : The community funds infrastructure but owns none of it. Perpetual rent cycle : Every generation pays again for the same services. Profit line offshore : Wealth extracted from Tauranga doesn’t cir...