Not drilled into the detail, but it leaves me underwhelmed. I'm also a little cats bum face about it's reliance on "new builds".
It's probably just me having standards, eyes and a brain, but a tour of (checks notes) over 30 new builds a few years back only served to convince me that they are exclusively shit.
No amount of pissing around with the money side of things will mitigate the issue of not enough habitable properties. And the issue of not enough habitable properties is an engineered situation caused by skewing the free market to ensure landlords and housebuilders don't have to suffer too much.