We don’t have affordable housing. So tenants made their own version. In Atlanta, and now across the country, fake pay stubs, forged job letters, and made-up Social Security numbers have become the new way to get “affordable luxury.” Call it what it is: fraud sold like a service, filling the gap where Section 8 help should be, funded by private investors. Here’s what’s happening: Between 2018 and 2023, Atlanta lost 230,000 rental units priced under $1,500. Now, a typical two-bedroom costs nearly $2,000 a month. The fraud game stepped up. People are using AI to create fake documents, credit profiles (CPNs), and posting TikTok videos showing others how to cheat the system. For $1,250, you can buy a fraud kit that includes high credit scores and fake pay stubs. Some tenants moved in, never paid, and stayed for a year or more without consequences. A backlog in evictions made it easier to pull off. Many owners didn’t see it coming. Leasing teams were still using outdated screening software and processes. Meanwhile, renters were using new AI tools to build fake identities. Who ended up paying for all this? Not HUD. Private landlords, especially the ones with empty buildings, loans coming due, and no room to miss a payment. Before the pandemic, bad debt in Class C properties hovered around 3-5% percent. Now some bank owned buildings show losses above 20 percent. COVID didn’t just hit tenants, it also scrambled the playbook for many landlords. For renters with an eviction on their record, there are not many legal doors left open. That is when the workarounds start. It’s a messy problem with no easy fix. But one thing is clear, landlords should be cautious of anyone looking to move in right away. That advice from the article is not paranoia. It’s a reality check. WSJ article link in comments. https://lnkd.in/eNkqX2R7