Build another house, and then problem solved. Why start with the assumption that supply needs to be low forever? That is actually a very new problem in housing due to regulatory capture, a long history of terrible zoning laws, and a tragedy of the commons that there are always many people ready to oppose a new house but no resident of the unbuilt house able to counter that force and argue for it.

With better policy we really could end the current housing shortage in our biggest & richest cities.