Brisbane Labor councillors have called for the city's LNP-majority council to invest $200 million of potential debt earmarked for 2032 Olympic land acquisitions into affordable housing.
Opposition leader Jared Cassidy on Tuesday called for Lord Mayor Adrian Schrinner to reallocate the funds.
This follows the state government's purchase of a glass factory in West End, a site now set to host the 57,000-square-metre international broadcast centre.
The council had entered negotiations with glass recycling company Visy to buy the two-hectare site in November, planning to convert the land into public parkland after the Olympics.
Last week, the state government announced the seven-hectare site had been secured under an agreement with Visy, who will relocate elsewhere.
Mr Cassidy said the state's intervention freed up Brisbane City Council to take out the planned $200 million of potential debt and use it for housing relief.
He said the housing affordability crisis engulfing Brisbane now was the worst ever seen.
"People are trying to raise their families in tents in backyards and in the back seats of car, and this just isn't acceptable for the Brisbane of 2022," Mr Cassidy said.
'Aggressive levies' needed
The Greens have long held a policy of a vacancy levy, taxing investors who leave houses and shops vacant in a bid to increase housing stock in the market, a policy Mr Cassidy said was worth discussing.
Greens councillor Jonathan Sri said spending money on the Olympics was "a ridiculous waste of money" and Olympic funds "would be better spent on other higher priorities like public housing".
"[This includes] supported housing options for people with high needs, stronger renters rights, much tighter restrictions on the proliferation of short-term accommodation, and aggressive levies on properties that are left vacant long-term."
Brisbane City Council's community spokeswoman Vicki Howard said the council was "committed to addressing homelessness and supporting our vulnerable communities".
Ms Howard said the council had allocated nearly $3 million in the 2021-22 budget for support programs, including its annual Homeless Connect event linking people experiencing homelessness to support services.
Among other programs, the council also has a two-year funding agreement with Brisbane Housing Company Limited to develop inclusive and accessible housing.
The council has provided more than $14 million to Brisbane Housing Company since 2002.
Ms Howard said the state government was not doing enough to address housing affordability.
"To help tackle this issue, we've called on the state to ensure 30 per cent of apartments constructed at Cross River Rail's massive Woolloongabba precinct are social and affordable housing," she said.
