Rental developers say just one of the Affordable New York Housing Program’s several development plans makes sense — and then only in certain neighborhoods, likely in Queens and Brooklyn, where land prices are still low.

During a panel discussion on Thursday at the 101 Club, developer Matthew Baron, president of Simon Baron Development, said the ANY plans only work for the 70/30 program and only in areas where the low-income apartments are geared to those making 130 percent of the area median income — and those rents are already the local market prices.

“If you run models … it is supportive of the new markets,” agreed Jacob Sacks, principal of Cayuga Capital Management. “But you have to watch the construction costs.”

Ari Shalam, founder and managing partner of RWN Real Estate Partners, explained that rising construction costs don’t work with union pricing, and to make money, the project has to be out of a waterfront zone where it would also be subject to higher wages.

A site his company owns along the waterfront in Queens that cost around $125 per square foot “will be break even,” Baron said.

Queens had 77 development sites sell for a total of $642 million in the first half of 2017, reported Shimon Shkury — whose firm Ariel Property Advisors hosted the discussion — but average pricing dropped 2 percent, to $181, per buildable square foot.

Land prices are also the key to making money, but they are “sticky,” Sacks said. “Owners who saw some big numbers a few years ago are looking at their pricing and not realizing it has decreased in value.”

Earlier worries over the shape of the affordable housing rules caused development site pricing to drop in Brooklyn by 5 percent, to $249 per buildable square foot. It fell by 4 percent in Manhattan, to $617. And it plummeted dramatically in northern Manhattan — by 12 percent, to $200.

Worries about the leap in construction costs are also on the minds of developers because, while projects are in their long planning stages, those costs are rising and could put the entire megillah underwater before its doors are open.

These costs are rising, the developers say, because there are simply so many mega projects underway, including at Hudson Yards, One Vanderbilt, and Central Park Tower, along with others around the boroughs and inside private apartments and homes that are non-union — which means workers have the pick of the available jobs.

Without a low land-cost basis, developers are stymied and seeking creative solutions so they don’t sit idle.

That’s one reason Dvir Cohen Hoshen, co-founder and managing member of Adam America Real Estate, says he’s looking at partnering with family owners who don’t want to sell because of the tax hit but are willing to throw in the land for a joint venture.

Earlier this year, he purchased the site at 24 Fourth Ave. in Brooklyn for $36 million with Vanke as the equity partner. Cohen Hoshen is also seeking sites in some Manhattan submarkets where he can deliver middle market rentals.

Shkury said apartment rents are hard to make work in Manhattan. “The highest and best use are condos,” he said, “unless you are sitting on the land forever or it is part of a joint venture or ground lease with a long-term owner.”

Shkury says many developers are looking for sites in Flatbush, Borough Park, Flushing and parts of the Bronx — but they all agree market rents are still too low in that borough despite reduced land-costs.