Plesk Windows server: 530 User cannot log in, home directory inaccessible

FTP produces the following error:

530 User cannot log in, home directory inaccessible

Other resources:

http://kb.odin.com/en/549
http://kb.odin.com/en/124140
http://kb.odin.com/en/116628
http://kb.odin.com/en/124094