Here's what the data shows: roughly 80% of borrowers are locked in below 6% rates, while 73% sit under 5%. That rate advantage? It's become a massive disincentive to sell—people simply won't list properties when their financing is that favorable.

The paradox is real. To unlock more housing supply, we need to address this friction head-on. The mechanism isn't complicated: bring rates down further and simultaneously boost the available inventory.

But here's the catch—you can't force supply through policy alone. It requires aligning the financial incentives so sellers feel compelled to move. Lower rates reduce the cost of transacting, while increased supply normalizes the market. Both levers must move together.