Abstract: A hold down device and method for connecting two building elements of a building comprises an elongate member, typically in the form of a rod or a cable, that is connected between the two building structures. A tension compensator, which includes a housing, is mounted to the elongate member to compensate for wood shrinkage of the building. One end of the elongate member penetrates the housing and is releasably connected to the housing by means of a gripping assembly which permits only one way movement of the elongate member into but not out of the housing to resist tensile forces between the two points of the building but allow the elongate member length to be adjusted as the distance between the two points decreases due to wood shrinkage. An urging mechanism urges the end of the elongate member further into the housing if the tension on the elongate member falls below a predetermined level. The urging mechanism, in some embodiments, has to be put under compression.