Norwich South MP Clive Lewis has called for an urgent solution to address the number of people waiting for a council property in the city.
Figures from the Department for Levelling Up, Housing and Communities shows there were 3,436 people on the waiting list for council homes in Norwich last year.
And for every rental property in the city, there are 11 applications according to independent estate agent Arnolds Keys.
Mr Lewis believes houses and flats "have been warped out of shape" from homes into primarily financial assets over many decades.
He would like to see an increase in the number of council and mutually owned not-for-profit cheap rent homes.
Mr Lewis said: "There are thousands of people waiting for a council property in Norwich.
"And undoubtedly, thousands more are paying eye-watering sums to privately rent what are often poorly maintained homes.
"Every single one of these people would be far better off and more secure renting a home from a local council.
"The same goes for thousands caught in a pincer movement between soaring costs and stagnating incomes, many of whom are likely to get turfed out of their homes when they can no longer afford the mortgage."
Norwich City Council has said it is building new social homes including the Goldsmith Street Passivhaus scheme.
Councillor Gail Harris, the city council’s cabinet member for social housing, said: "As well as providing social housing, we work with city landlords to provide affordable homes to people who may be at risk of homelessness through our private sector leasing scheme, Let NCC.”
Figures from the Office for National Statistics show that as of April 2018, there were about five million houses in the social sector in the UK.
Mr Lewis said: "Understandably, people want to own their own home just in case they need to find the money for their social care in older age.
"Or to leave something to their children in a world where young people are likely to end up less well off than their parents."
The government has announced funding of up to £1.5bn will see around 130,000 social housing and low-income properties in England upgraded.
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