With $32 billion in needed repairs NYCHA now faces possibility of federal receivership
Facing $32 billion in needed repairs and an ongoing criminal investigation, the nation’s largest housing authority now confronts the very real possibility of the “R” word — receivership.
This drastic remedy emerged in between the lines of Manhattan Federal Judge William Pauley III’s ruling Wednesday shooting down a proposed consent decree reached in June between NYCHA, Mayor de Blasio and federal prosecutors.
That decree called for the appointment of a monitor whose job would be to ensure NYCHA was in compliance with laws requiring apartments to be safe and clean. At the time, prosecutors filed a damning complaint detailing years of NYCHA lies and failures, and revealed they’d opened a criminal probe as well.
But the decree stated that the monitor would have had no involvement in NYCHA’s day-to-day operations and would instead have to rely on broadly-worded enforcement powers to get the authority to fall in line.
Read more: https://www.nydailynews.com/new-york/ny-metro-nycha-federal-receivership-looms-20181115-story.html