In this chapter, we analyze the housing costs of Norwegian tenants and homeowners in the years of the energy crisis and the new age of inflation. Based on data from Statistics Norway, we show that the housing costs of homeowners increased the most in absolute and relative terms in the new age of inflation that started in 2022. However, as tenants make up a large share of low-income households, economically vulnerable tenants were probably the hardest hit by the housing cost crisis. We also discuss the drivers of increasing housing costs and examine the policy responses of the national government. The main policy responses of the government were the temporary electricity subsidy covering all households and adjustments to the targeted housing allowance scheme. These policies were arguably both consistent with the fiscally generous universal traditions of Nordic welfare states and the liberal Norwegian housing system. In the last part of the chapter, we summarize our argument and ask if there is a need to combine temporary emergency measures with a long-term government strategy to boost construction rates and affordability. Without a realistic government plan to boost construction rates the next housing cost crisis may hit Norwegian households even harder.