New research indicates that approximately 50,000 social rent properties in London are illegally sublet, primarily through platforms like Airbnb, resulting in an annual taxpayer loss of £1 billion. The Tenancy Fraud Forum's report reveals a 40% decline in detection rates for such tenancy fraud over the last decade. This decline is largely attributed to government budget cuts leading to fewer investigators. The report emphasizes the need for stronger enforcement from the Regulator of Social Housing and advocates for short-let platforms to implement stricter measures against fraud.
"Around 50,000 London social rent houses are being illegally sublet on platforms such as Airbnb, costing taxpayers around 1bn a year, new research has found."
"Tackling this type of fraud is quicker and more cost effective than building the new homes needed to accommodate the approximately 70,000 London families in temporary accommodation or the over 300,000 families on the London housing waiting list."
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