This is why Phillips's full program is based on three tiers: supply (addressing the amount of housing available), security (tenants' rights), and subsidy (assistance to those with specific needs).

You need at least all three components. I'd suggest wage support (UBI / employer of last resort) being another leg that would help, given the relationship of rents and wages economically (wages tend to or below subsistence, rents to all consumer surplus).

But this seems a damned good start.