A floundering affordable housing project highlighted by the Honolulu Star-Advertiser shows the stiff challenge of keeping Hawaii locals from moving away, even if Gov. Josh Green achieves his ambitious goal of building 50,000 new homes in the next five years.

Sky Ala Moana got city approval to build some 400 lucrative market-price condo units and 300 hotel rooms with relaxed height and density rules in exchange for including 84 units priced to be affordable for those making Oahu’s median income of $104,500 for a couple.

The market units, which often attract speculators and do little to address our need for truly affordable housing, sold out.

But only 14 of the 84 “affordable” units, mostly studios smaller than 300 square feet costing $270,000 to $515,000, have sold.

It’s because of self- defeating city resale restrictions and weak attempts to negotiate better terms with developers for more attractive affordable housing in exchange for the generous regulatory relief.

Buyers of Sky’s affordable units have no access to the building’s pool and other amenities, and must pay $38,000 extra for parking. They’re restricted from selling for up to 30 years.

If you can’t sell, you don’t really own. You’re excluded from the American dream of moving up to bigger and better housing as your circumstances improve. We’re better off focusing on price-controlled rental housing.

CITY AND STATE GIVEAWAY deals with developers in Ala Moana, Kakaako and elsewhere have done little to deter the exodus of local people — many of them essential workers — for better housing and job opportunities.

The “lucky we live Hawaii” mantra is said with less conviction as our problems fester while politicians rake in campaign cash from the developers they take care of — and reward themselves further with 64% pay raises.

For perspective, I browsed real estate listings in Sky Ala Moana’s $270,000 to $515,000 “affordable” range to see what Hawaii expatriates can get in some of the cities they move to, such as Henderson, Nev.; Eugene, Ore.; San Antonio; and Charlotte, N.C.

In all cases, a condo for $270,000 or less gets you two bedrooms, two baths and 1,200 square feet.

I couldn’t find any with as little square footage as Sky Ala Moana, but one bedroom, one bath and 800 square feet could be had for $130,000.

For $515,000 or less, all of these markets offer single-family homes of at least four bedrooms, three baths and more than 2,000 square feet. There are spacious and attractive houses for less than $300,000.

All were relatively new developments with nice amenities and parking included. The single-family homes had big yards. Owners could sell as they pleased.

Cities like these often offer better job opportunities and lower taxes, and they also have growing communities of Hawaii expatriates with whom to socialize.

To a young couple planning a future, it can make a 300-square-foot box they’re stuck with for 30 years look like a prison sentence.

If we hope to keep home the teachers, nurses and public safety officers we need, it won’t happen with projects like Sky Ala Moana that further Oahu’s gentrification and force locals out.

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Reach David Shapiro at volcanicash@gmail.com.