Sunday, May. 20, 2012 |
Olympic housing crunch: London landlords evict tenants to gouge tourists
Page last updated at 04:46 GMT, Friday, February 3, 2012 - 09:46 EST
MSNBC:
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Landlords in Britain's capital are evicting tenants so they can cash in on this summer's Olympic Games by charging tourists many times the usual rent.
Homes in the east London boroughs where many events are to be held are fetching between five and 15 times their typical rates as properties are rebranded as short-term "Olympic lets." Some landlords are also enforcing expensive "penalty" clauses for tenants who want to remain during the gathering of the world's top athletes.
Rent controls are almost non-existent in Britain and some Londoners told msnbc.com that the looming increase in housing costs will leave them with no choice but to leave the city for the summer.
While the Olympic Village will house some 22,000 athletes along with 6,000 coaches and officials, countless tourists, athletes' families, journalists and sponsors will be left to jostle with 7.8 million residents for places to sleep.
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