Honolulu's push to build more affordable rental housing is badly missing its target, which is bad news for renters and people hoping to buy into affordable units.

• A city incentive program meant to produce 500 affordable rental units a year has only managed a few hundred total since it started in 2019.
• The program gives builders perks like extra building height, waived fees, and fewer parking requirements, but that hasn't been enough to offset other problems.
• Rising construction costs, high interest rates, and slow permitting are driving up costs and stalling projects, with delays reportedly costing a typical project tens of thousands of dollars a month.
• Researchers say faster permitting and better financial incentives could get more units built before the program is set to expire.

Outlook: Unless the city speeds up permitting and sweetens the incentives, affordable housing production will likely keep falling short before the program expires in 2030.