London Councils stated that skyrocketing numbers of homeless individuals require temporary accommodation, contributing to a £700m funding shortfall, endangering the overall financial stability of boroughs.
The organization's top priority is stabilizing council budgets, which is essential not only for tackling the housing crisis but also for facilitating economic growth in the capital.
Boroughs are experiencing increasing demand for services, with a 10% rise in those needing temporary accommodation, costing councils about £3 million daily.
London Councils has urged the government to increase funding and review the distribution of funds, which has remained unchanged since 2013, to prevent potential bankruptcy of councils.
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