From the Daily News:
The Bloomberg administration never checked to see if developers who got discounted city land in exchange for building affordable housing kept their end of the deal, the Daily News has learned.
The Cornerstone Program was supposed to transfer vacant city-owned land to private developers who promised to build 2,191 homes there, with 1,510 units designated for low-or middle-income New Yorkers.
Yet the Department of Housing Preservation and Development has not followed up to see whether developers complied with those terms, an audit obtained by The News found.
"HPD did not maintain accurate information on the number of developments participating in the Cornerstone Program or any information on the number of affordable units being developed," the audit by Controller William Thompson said. HPD replied that it was upgrading its computer system that tracks affordable housing development. Some of the land in the program was sold to developers for as little a $1.