Yes, businesses produce actual value. The problem is in what you're diverting from, the ground rents extracted by artificial housing supply constraints. Whether you pay your landlord $X or $Y has zero direct effect on the total amount of real goods and services produced and consumed by the economy as a whole, it's purely redistributive. So if you reduce the total amount of rents paid to landlords, you are enriching renters at the expense of landlords without changing the total size of the real economy, and there's no real goods and services freed up to then be productively used by businesses to generate actual value.