The housing shortage in urban areas has led to the expansion of informal settlements without access to the most basic city services. In Kabul, informal settlements provide shelter for 80 percent of the population, cover 69 percent of the residential land, and with the land value excluded, represent a fixed private capital investment of $2.5 billion. Much of the informal housing in Kabul is built on government land, self-constructed by migrants, and in poor condition. A World Bank study called for upgrading rather than demolishing the informal settlements, and regularizing the tenure of their households. Despite the enormous need for housing, few new housing developments are underway in Afghanistan, though several are planned. The lack of institutional finance remains a major constraint to the development of a housing market in Afghanistan.