The New York City Housing Authority (NYCHA) manages 179,000 apartment units, making it the city's largest landlord. Thanks to a decade of starvation funding from Washington, deteriorating living conditions, and declining city and state support, NYCHA may also now qualify as the city's worst landlord. This report closely examines the factors that have contributed to NYCHA's decline, and argues for a sustained preservation plan to ensure a positive future for what was once the nation's premier housing authority.