Not able to Visual Studio in Debug mode for a web page

Just installed Visual Studio Community 2026.

Tried to run a simple "Hello World" web page and get the following:

Access is denied.

__Description:__An error occurred while accessing the resources required to serve this request. You might not have permission to view the requested resources. __Error message 401.3:__You do not have permission to view this directory or page using the credentials you supplied (access denied due to Access Control Lists). Ask the Web server's administrator to give you access to 'Z:\Code\WebApplication1\WebApplication1\WebForm1.aspx'.

Version Information: Microsoft .NET Framework Version:4.0.30319; ASP.NET Version:4.8.9316.0

I did see a comment saying that the updated framework 4.8 was preventing debugging.

How can I get back to debugging my code?