Providing a wide ranging universal safety net seems like exactly the kind of thing that government is best suited for over any other institution. There's a lot of places it could wind up saving money over the current system anyways: practically no administration costs, lower health costs because people aren't forced to live in shitty places that make them sick because they're too poor to move somewhere else.
Even if it winds up costing more I don't classify giving everyone the freedom to live their life in a way of their choosing ultimately as a waste. Hell that's the basic utopian dream from Star Trek, Culture or a thousand other places, so much wealth that anyone can do anything with their lives and it's a rounding error. Are we there, no, but we have the surplus to take care of everyone's basic needs today.