That depends on the housing market. If you have a surplus in housing, rent will remain stable because tenants will move if their landlord increases rent.

If you have a deficit in housing and more people look for a place to stay than there are available places, then tenants cannot move. Landlords and other businesses in deficit markets like healthcare will take all additional income.

The Maoist uprising against the landlords was the most comprehensive proletarian revolution in history, leading to almost totally equal redistribution of the land amongst the peasantry.