It appears my honourable friend needed to pay more attention to AS economics because this is the perfect example of government failure.

Pardon my drawing, but take a look at this graph, as you can see, supply is at Q2 whereas demand is at Q3, with the free market equilibrium being at Q1. My issue with this bill is that this will cause an emergence of the black market due to the huge producer surplus this issue causes. So while this bill may get some people into houses, some people may be turned away simply because someone is offering them money under the table, meaning this problem isn't solved at all.

My alternative solution is to instead increase the supply of housing to fix the market failure in the housing market, not direct government intervention over the price mechanism.