Not exactly since the largest cause of housing insecurity is the fact that there simply isn't enough homes (at least where we need them). Paying everyone more wouldn't solve that issue, it'd just make rents rise further

"It's not that we don't pay people enough, it's that living costs too much"

Indeed it can happen, imagine a state in which taxes are higher than elsewhere.

Ah, yes, taxes, famously the biggest contributor to cost of living, especially for the poorest among us... /s