No, it doesn’t. In this system, we may be equal in that we have no value. This idea enforces confiscation of land. This means no one can own any area, because it all belongs to the government. Which makes the government unequal to “we the people.” And all it does is make everyone suffer. It doesn’t solve the poverty problem; nay, it exaggerates it.
You don’t solve a wealth inequality (which, by the way, in America, is likely based on who works the hardest) by taking all the successful people down so everyone is poor. That’s just how to make a third world country.