As the housing boom ground to a halt two years ago, many higher-end housing developments simply ran out of money.
Today, a large percentage of those developments remain incomplete and empty.
A program in New York City offers developers a monetary incentive for converting unfinished projects into middle-income housing.
Two years ago, New York City's Department of Housing and Preservation and Development (HPD) launched a new program called the Housing Asset Renewal Plan (HARP).
It provides tax incentives and subsidies to developers who are willing to convert their properties.
While the idea makes sense in theory, in practice, developers aren't buying in.
Twenty-four months later, not one deal has been signed under HARP.
A local developer said the main reason his colleagues are hesitant to sign on the dotted line is that they're holding out hope the market will recover soon.
Other developers have admitted that incentives offered through the program aren't high enough to generate any profit.
In addition, the program's guidelines have been called "confusing" and "restrictive.
" One of the most restrictive is a guideline that prohibits developments from receiving HARP assistance if they have already received other government subsidies.
As a result, many vacant properties remain vacant, and unfinished developments remain unfinished.
New York's Mayor Bloomberg has set a goal of developing 165,000 additional affordable housing units in the city.
As of May, 2010, 100,000 had already been developed.
With 65,000 units still to go, affordable housing proponents believe the city may be open to suggested modifications that would make HARP more appealing and effective.