To pause new construction—even if momentarily, creates a radical thinking framework for alternatives to the current regime of space production and its suspect growth imperative. Engaging with unsettling questions, A Moratorium on New Construction envisions a massive value shift for our existing stock. From housing redistribution to reinviting value generation, from anti-extractive measures to profound structural changes, from curricula reforms to purging the exploitative culture of the office, an entire rewiring of design processes and construction lays ahead. Somewhere between a thought experiment and a call for action, A Moratorium on New Construction is a leap of faith to envision a less extractive future, made of what we have: Not demolishing, not building new, but building less, building with what exists, inhabiting it differently, and caring for it.