I think that as long as it is raw cash it can help. I have however noticed that it seems like the 3 most expensive things in the US right now are Medical, College, and Housing. I've also noticed that the government subsidizes or dumps cash into each of these in one way or another. In college it is through pell grants and/or student loans. In medical it is through Medicaid/Medicare and also the tax subsidies around health care, and same thing with housing and the different type of loan options they have like FHA, VA, Rural Development, etc as well as the tax deductions they bring.

If we just hand people cash I think this would limit the distortion but if you subsidize people in just one area it seems that produces a disproportionate rise in price in that one area.