The accepted solution didn't for me. I use a Git repo and it cloned to the following folder
c:\users\myusername\source\repos\myWebSite
I made new IIS website and pointed it at the path. Which didn't have the iis_iusrs permissions suggested in the accepted solution. When I added the permissions it still didn't work.
It only started working when I gave the following permissions to the 'Users' group and inheritance cascaded the permissions to web.config. Probably should have applied it just to the web.config to reduce attack surface area.