Necessity is the mother of invention. People will adapt their needs/circumstances quicker than standard supply chain models can. The industry will "reinvent itself". New companies will rise from the ashes of slow-to-adopt older ones.

A little over a 100 years ago Sears Modern Homes (and many competitors) partially addressed a similar supply chain issue by creating the mail-order home kits.

Today technology homebuilders such as 3D printing is the way to address a needed short term supply flood.

The past few years (especially the past year) has seen scaling up of 3D printing firms like:
ICON
Mighty Buildings
SQ4D

These companies have the same overwhelming demand currently, but when the technology can be scaled up it can be deployed much quicker than traditional building methods and materials (at least it uses less of them).

Additionally, Tiny Home movements to address affordable housing shortages also will have an impact. Building Dept's adopting new rules to allow for these in traditional neighborhoods will become more rampant.

The newest generation of workers also are looking at careers differently and I suspect a surge of employees for skilled trades as colleges/universities have hit their plateau.

The flight from the metro cities to the smaller towns will absorb many of the previous vacancy problems of small towns (we've seen that happen in a major way here in Southern Colorado).

I can't imagine that more towns will take advantage of this demand to address their negative growth over the last 10-20 years. Like northern Arkansas did, offering incentives to relocate there will fill up their inventory while helping another city disperse their population.

It seems like there will be a glut of apartment buildings with high vacancy when this all shakes out; especially in large cities. This will depress prices and make them more affordable once again to young workers and the cycle will continue.

With the U.S. closing in on a flat population growth; the next surge could be an increase in immigrants (also one of the Biden administrations goals); which will also fuel the housing construction sector for labor.