Couldn't start Dropbox on MacBook as I'm getting an error upon startup

I get this message when I try to start Dropbox on my new MacBook:

 

 Here is the error code file:

 

bn.BUILD_KEY: Dropbox
bn.VERSION: 211.4.6008
bn.constants.WINDOWS_SHELL_EXT_VERSION: 77
bn.is_frozen: True
machine_id: e9fbddd8-3af2-522a-a19d-289295cebfd4
pid: 7366
ppid: 1
uid: 501
user_info: pwd.struct_passwd(pw_name='betsy', pw_passwd='********', pw_uid=501, pw_gid=20, pw_gecos='Betsy [removed]', pw_dir='/Users/betsy', pw_shell='/bin/zsh')
effective_user_info: pwd.struct_passwd(pw_name='betsy', pw_passwd='********', pw_uid=501, pw_gid=20, pw_gecos='Betsy [removed]', pw_dir='/Users/betsy', pw_shell='/bin/zsh')
euid: 501
gid: 20
egid: 20
group_info: grp.struct_group(gr_name='staff', gr_passwd='*', gr_gid=20, gr_mem=['root'])
effective_group_info: grp.struct_group(gr_name='staff', gr_passwd='*', gr_gid=20, gr_mem=['root'])
DYLD_LIBRARY_PATH: None
cwd: '/'
real_path='/'
mode=0o40755 uid=0 gid=0
parent mode=0o40755 uid=0 gid=0
HOME: '/Users/betsy'
appdata: '/Users/betsy/.dropbox/instance1'
real_path='/Users/betsy/.dropbox/instance1'
mode=0o40700 uid=501 gid=20
parent mode=0o40755 uid=501 gid=20
dropbox_path: '/Users/betsy/Dropbox'
real_path='/Users/betsy/Dropbox'
mode=0o40755 uid=0 gid=0
parent mode=0o40755 uid=501 gid=20
sys_executable: '/Applications/Dropbox.app/Contents/MacOS/Dropbox'
real_path='/Applications/Dropbox.app/Contents/MacOS/Dropbox'
mode=0o100755 uid=501 gid=20
parent mode=0o40755 uid=501 gid=20
trace.__file__: '/Applications/Dropbox.app/Contents/Resources/python-packages.zip/dropbox/client/ui/common/boot_error.pyc'
real_path='/Applications/Dropbox.app/Contents/Resources/python-packages.zip/dropbox/client/ui/common/boot_error.pyc'
not found
parent not found
tempdir: '/var/folders/6h/96b3td_n1cx_j515t_ckt8_c0000gn/T'
real_path='/private/var/folders/6h/96b3td_n1cx_j515t_ckt8_c0000gn/T'
mode=0o40700 uid=501 gid=20
parent mode=0o40755 uid=501 gid=20
Traceback (most recent call last):
File "desktop/dropbox/fs_api/lifecycle.py", line 235, in client
File "desktop/dropbox/fs_api/lifecycle.py", line 283, in _create_thin_client
File "desktop/dropbox/fs_api/fs_api_adapter.py", line 50, in __init__
File "desktop/extensions/fs_api/fs_api_python.pyx", line 63, in fs_api_python.FsApiServer.__cinit__
fs_api_python.FsApiError: "Initializing fs api |>> Initializing application filesystem |>> Attempting to initialize dbx cache directory |>> Attempting to create ApplicationFilesystem cache directory |>> mkdirat |>> mkdirat syscall |>> Permission denied"

The above exception was the direct cause of the following exception:

Traceback (most recent call last):
File "desktop/dropbox/client/main.py", line 951, in wrapper
File "desktop/dropbox/client/main.py", line 7125, in finish_dropbox_boot
File "desktop/dropbox/client/message_queue.py", line 306, in _wrapped
File "desktop/dropbox/client/main.py", line 6572, in _init_components_for_account
File "desktop/dropbox/client/main.py", line 6493, in create_sync_engine
File "desktop/dropbox/sync_engine_boundary/factory.py", line 212, in make_sync_engine
File "desktop/dropbox/sync_engine/nucleus/classic_client/sync_engine.py", line 243, in __init__
File "desktop/dropbox/sync_engine/nucleus/classic_client/modern_client/modern_client.py", line 295, in __init__
File "desktop/dropbox/sync_engine/nucleus/classic_client/modern_client/base.py", line 242, in __init__
File "../mac_arm64_dropbox_virtual_env/lib/python3.8/functools.py", line 967, in __get__
File "desktop/dropbox/fs_api/lifecycle.py", line 259, in client
dropbox.fs_api.lifecycle.FsApiClientCreationException: "Initializing fs api |>> Initializing application filesystem |>> Attempting to initialize dbx cache directory |>> Attempting to create ApplicationFilesystem cache directory |>> mkdirat |>> mkdirat syscall |>> Permission denied"