Based on welfare economics and general equilibrium theory, this paper reconstructs the "Five Linkage" model to interpret the interest conflicts of collective land rental-housing into land and housing interest production and distribution Pareto improvement, deduces the optimal supply and the best social value standards, and designs the Multi-center competition-cooperation and synergy governance mechanism on the basis of government, lessee, rural collective and interest group. The research shows that the collective land rental housing has both positive and negative effects and optimal input range {X₁~X₂}, which can not be used as the fundamental direction of rural land reform. Collective land rental-housing value production and distribution balance will focus on the commodity housing or indemnificatory housing, and the distribution between leaseholder and the village landholder. Multi-center Governance mechanism should include three sub-frames of power, capital-technology-management and information, the autonomy of local policy choice should be relaxed.