High interest rates are wreaking havoc on the housing market, making housing increasingly expensive and disrupting the pipeline of housing supply. The pressure on Washington to do something is intense, but, the authors argue, the popularity of demand-side solutions is sending policymakers the wrong signals. The right policy course is not fighting today’s high costs with demand-side relief, but shoring up the supply channel so that the damage being done by high rates today doesn’t last for years to come. The authors explain why, making the case for the supply-side help needed to manage through the challenging environment.