The Chinese affordable housing policy has met serious problems which are against its original intention during the implementation. In this paper, the authors analyze the cost of policy implementation and their main problems on the basis of current data with integrate quantitative and qualitative methods. And the authors also try to find the reasons and solution to the problems, such as distinction of consuming and investment characteristics of house, more effective choices of housing subsidy, and the main effort of government should focus on the promotion of residents' disposable income not the price controlling, etc.