This has been tried so many times throughout different cultures and time periods, and by different means. It will not benefit whoever is actually living on the properties, but will detract from their situation.

Economics in One Lesson by Henry Hazlitt has several concrete examples of attempted interventions, and is written to give a basic intuition on why this happens (Spoiler: Opportunity costs).

The only permanent solution is just to build more buildings, or at a political level simply making it easier to build new buildings, which directly increases supply and thus causes the lowering of prices. This makes perfect sense when you think about it: There are not enough buildings, so we need to have more buildings.