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I think that's the correct approach, there's not a true supply issue, and there's only so much pre-empting of local issues you can do and not crater prices.
Keeping prices flat is already a good first step, we've chopped for a few years now already so wages can start to catch up.
Net-negative migration is also unlocking supply.
Also jawboning and flat prices will shake out a lot of speculative demand to unlock more supply, combine with boomers downsizing, existing supply can transfer.
I also suspect things like Florida are doing to gain more traction elsewhere, maybe with a federal nudge... really big homestead exemptions that let property taxes punish investment units but not single-families. Good for Bitcoin if this happens, better to hold coin than pay property taxes that are likely to go up on houses you don't live in.
Yeh the mortgage approach is dumb. Just another demand subsidy not coupled to any supply increases.
In any case, if it's coming down to local zoning issues, I don't see how the federal gov't can really influence that other than to threaten to withhold federal grants to states who don't force cities to change their zoning laws.