California spent $26B on homelessness, creating ~15,000 Project Homekey units for 15–20K people, yet 187,000 remain homeless. Oversight is weak: audits show poor tracking, inflated costs ($238K/unit), and limited recoveries. Two criminal cases exist, but billions remain unaccounted. Fragmented funding enables shady deals. AI-driven centralized oversight and modular housing could vastly improve efficiency and accountability.