The thing with what's being proposed is that it doesn't require money on an indefinite basis. We're at a point of crisis at the moment. We don't go on building social housing forever. It has a long life and can be privatized when the need for social housing drops, which is happening all over Europe now. So it's worth putting the money up now for long-term benefits.
These include the fact that children who grow up in stable housing are proven to do better in school, and are more likely to join the workforce and be “productive members of society” rather than being so damaged as children that they're dependent on assistance for much of their lives.
I think it's short-sighted not to go into social programs now, just because it's cheaper this year.