The Retirement Villages Association says there's a flip-side to residents not being paid capital gains on their units

Consumer NZ's found contracts for six major retirement village operators unfairly favour villages and risk costing residents.

Association Executive Director John Collyns says some villages offer to share capital gains.

But he says capital gain can also mean capital loss.

Collyns says just eight months ago experts were saying the housing market was going to tank by 10 percent - and if that had happened, residents would have been protected.