This is only true in places where there are more people trying to rent than places.
In theory, having more capital available in the face of a landlord raising rent an obnoxious amount will incentivize people who aren't making much to move somewhere with a lower CoL that they might not have been able to make work otherwise because of uncertainty in the amount of time they'd be out of work or their base level of money available for that time.
In theory, having more capital available in the face of a landlord raising rent an obnoxious amount will incentivize people who aren't making much to move somewhere with a lower CoL that they might not have been able to make work otherwise because of uncertainty in the amount of time they'd be out of work or their base level of money available for that time.