Affordability is mostly a supply problem, so that is where we would aim the wand. First target: the regulatory drag and the cost of building new homes, within reason. A large share of what makes a new home expensive comes from the fees, mandates, and years of approvals required just to break ground, and well-intentioned rules can add tens of thousands of dollars to a home's price without buyers ever seeing where the money went. Reduce those costs and builders can deliver more homes at prices ordinary families can actually reach. The other lever is land. There is only so much buildable land near the jobs and amenities people want, and nobody is making more of it. Zoning that allows more housing on the land we do have, especially ownership housing families can buy rather than only high-cost rentals, would do more for long-run affordability than any short-term move in interest rates. Rates get the headlines. The durable drivers of what a home costs are land and the cost to build on it, which is worth remembering any time someone pins the entire affordability problem on the Federal Reserve.