Yes but looked at another way, this is taxpayers subsidizing real estate investment. The act of buying all the units by the government actively raises the collective price of real estate making it an even more lucrative investment.

The taxpayers should also gain from any appreciation of the housing stock, no? Seems like a reasonable, if very abstract, take on community ownership (on paper).

Short term, many people gain from artificially inflating the value of goods in a supply restricted market, but that is just market manipulation, no real value added. Those apartments will be demolished one day and the value will drop from $100,000 to $0 in a second.

So it moves from one landlord to another. In my experience (in Sweden) the communal landlords are no different from corporate, and most people don't even know if their landlord is communal or corporate.