> if supply is less than demand, no fiscal policy can help Fiscal policy means government taxation and spending - subsidies for home building would be a fiscal

> if supply is less than demand, no fiscal policy can help Fiscal policy means government taxation and spending - subsidies for home building would be a fiscal policy and would help. I think you mean no monetary policy can help. Even there I disagree. Easy money mostly flowed into the hands of the wealthy, who then bought homes as investments, driving up home prices to the point that average people couldn't afford to buy them to live in.