This research is a case study of the Inclusionary Housing program in Baltimore, Maryland, United States which was established to secure a certain percentage of affordable housing units in market-rate residential developments. This research seeks to explain why less than 40 affordable units have been delivered in Baltimore despite the thousands of new residential units constructed in the city since 2007 when the law instituting the program was passed. This research attempts to understand the design and implementation of the program through a game theory framework and positions the stakeholders in the public-private partnership to provide affordable housing as two players in a sequential, asymmetric game with almost perfect information.