Arguably the most valuable asset in NYC is property and the city is sitting on over 1000 empty lots that are waiting to be sold and or developed into much-needed housing facilities.
City Comptroller Scott Stringer said that a recent audit showed that 90 percent of the properties listed two years ago are still sitting undeveloped. Stringer placed the blame on The Department of Housing Preservation and Development.
In 2016 the Department of Housing Preservation and Development promised that hundreds of those properties would be developed for housing.
Maria Torres-Springer, the Commissioner of the Department of Housing Preservation and Development said her agency is aggressively trying to turn the vacant lots into housing but the majority of the properties left are small and difficult to develop.
The 2016 audit shows that the HPD has only developed or sold 118 of the vacant lots that are available in NYC.
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