Construction‑cost chokeholds affordability

Even with permissive zoning, urban housing supply can fail if financing, insurance, inflation, and political risk make the per‑unit cost so high that rents must be unaffordable to break even. That shifts policy focus from zoning alone to lowering build costs (permits, interest, insurance, and regulatory uncertainty) or using direct subsidies to bridge the gap. — If true, the claim reframes housing debates: policy must address build‑price drivers, not just land‑use rules, changing which levers (finance, insurance, permitting reform) are prioritized.