>>Is there a good argument for why this will not inevitably transfer much of the money to landowners?

I regularly rent out the guest bedroom in my house. When I do so, I do not run complex formulas to figure out what a particular tenant might be able to afford. I simply look at rents for similar units in the area, and bump it up or down slightly based on the various features and amenities the room has. I don't charge a corporate executive higher rent than I charge a college student. Their ability to pay is not relevant.

You might be thinking "okay, but what if everyone's income went up in an UBI scenario?" Honestly, unless literally all the landlords in a city came together and colluded, you wouldn't see much increase, because we would have the same level of competition we have today.