There are no documented facts, but it is quite possible.
It is commonly believed that the slogan originates from the poem by Vladimir Mayakovsky "The Solar Flag," which includes the lines: "...Labor, Peace, May!".
And there is a well-known fact that on May 2-3, 1922, Vladimir Mayakovsky arrived in Riga from Berlin. This was his first foreign visit. The poet stayed at the "Bellevue" hotel.
The trip was marred by an initial entry ban and scandals related to his reputation as the "Bolshevik poet." Despite this, the visit generated significant interest among the local intelligentsia and press.
It is quite possible that these lines were born in the poet's mind at that time, authoritative historians suggest.