New York City admits 'Build it Back' program mismanagement, cost overruns

During last Thursday's New York City Council hearing, city officials acknowledged that they had mishandled the Superstorm Sandy recovery effort. The hearing found that the program is $500 million over budget, and has helped less than a third of the homes in the program.  Mayor Bill de Blasio had promised to finish rebuilding homes affected by Sandy by the end of 2016, but in a report released the day before the council meeting, he said they won’t meet the December deadline.  The mayor has ordered the reallocation of $500 million in city funds to be put towards the rebuilding effort. Read more here.