New York’s homeless population could be slashed by 23% if not for restrictive local housing regulations, a study released Monday by the Trump administration’s Council of Economic Advisers claims.

“Over-regulation of local housing markets have reduced supply and raised prices, making the cost of homes out of reach for many people,” said CEA acting chairman Tom Philipson, describing the findings outlined in the 41-page report.

Even basic regulations including zoning restrictions, rent controls and energy-efficiency mandates contribute to higher housing prices, which in turn freeze out some who might otherwise be able to afford a roof over their heads, the study found.

That effect is felt particularly acutely in the five boroughs, where, according to Philipson, “over 20% of people sleeping in shelters in the United States are found … though the city represents 2.6% of the US population.”

Researchers projected that by stripping all cost-inflating regulations, the homeless population of the New York metropolitan area — listed in the report as over 92,000 — could be reduced by 23 percent.

That effect could be even more pronounced in other big cities with burgeoning homeless populations, including San Francisco, which might see its tally more than halved, the study claims.

“Almost half (47 percent) of all unsheltered homeless people are found in the State of California, about four times as high as California’s share of the overall U.S. population,” the report states. “Rates of sheltered homelessness are highest in Boston, New York City and Washington, D.C., with New York City alone containing over one fifth of all sheltered homeless people in the United States.”

Even if the litany of offending regulations were ripped off the books, it “would take many years to translate into the types of price reductions, and thus homelessness reductions, shown here,” the study concedes.

The study also claims that “expanding the supply of homeless shelters shifts the demand for homes inward and increases homelessness.”

One city homelessness official called that statement “sick,” saying, “That’s like claiming if you have more emergency rooms more people get sick.”

City Hall spokeswoman Jane Meyer took a shot at the Trump administration for the report.

“It’s impossible to believe that an administration that proposed slashing billions in funding for housing is putting forth any policy that will help working people and the most vulnerable,” Meyer said.

“We know creating affordable housing, protecting tenants, and providing shelter is the right thing to do. We will review this report.”

Catherine Trapani, executive director of the Homeless Services United, a coalition of non-profit agencies serving homeless and at-risk adults and families in the Big Apple, expressed skepticism of the study.

“I am suspicious of any report that claims deregulation would reduce homelessness,” Trapani said. “We know that as rent stabilization was weakened under [former Gov. George] Pataki and we lost regulated units — homelessness soared.”

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