By your and OP's logic, nothing should be done to subsidize anything or make people's lives more affordable because the excess will be sucked up by landlords. On the flip side, if we did things to make people's lives less affordable, would that translate into landlords giving back by lowering rents? I don't think so.

> By your and OP's logic, nothing should be done to subsidize anything or make people's lives more affordable because the excess will be sucked up by landlords.

That seems pretty reasonable to me actually? When housing is so supply-constrained, any subsidies/incentives/bonuses/etc. will be captured by the owner of the scarcest asset (real estate). Building more housing at this point seems like it should be a P0 priority before anything else.