NYCHA could do much better

I want to say again, the state loves to give money to the construction industry to build just about anything that can be justified and some that can't be. The state easily floats bonds to build prisons and colleges and just about anything in between except, apparently, housing. So why is NYCHA letting a private developer reap the profit on the Federally-owned NYCHA properties when the state could own the market units and syphon the profits to NYCHA buildings? It would provide a much more robust revenue stream than a 99-year lease.