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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.
The accommodation crunch is expected to be so severe that some residents are planning to rent out their backyards to campers during the Games – which begin July 27.“We’re [seeing] landlords beginning to evict their tenants,” Antonia Bance, head of campaigns for housing charity Shelter, told msnbc.com. “Lots of letting agents are writing clauses into contracts being signed saying you can live here with the exception of this period [during the Olympics].” Read More: