From KPCC Wire Services:

More than 100 cities statewide spent about $700 million in housing funds between 2000 and 2008 without building a single new unit, the Los Angeles Times reported.

In most cases, none of the money went toward increasing the existing housing stock by renovating properties, the newspaper found in an investigation that showed local governments ignored or skirted laws that required them to create affordable housing.

Read the full story here.