You are correct, all of this benefit would end up being taken by landlords due to their ability to dictate prices - btw government subsidized housing can be a different situation and the government can be an intentionally inefficient market actor to benefit the renters. I think there are still more accurate way to subsidize the lower class though, a reduced income tax is more likely to directly translate into a higher savings rate and more consumer power - and that last bit benefits us all by increasing the velocity of money.