Mr Pocock has told The Canberra Times, if elected on May 21, he would used Senate crossbench power like Jacqui Lambie to push the government to waive the debt, which in the process would waive an expected $33 million in interest payments expected to build over the next 19 years.

It comes as major parties also hang their re-election campaigns on housing; the Morrison government wants to allow first home buyers to use some of their super for a deposit, while the Labor Party is offering a shared equity scheme to drop costs and to get people into housing.

"Offerings for first home buyers are politically attractive and you can see both major parties trying to do that. I suggest that we need a solution to things that actually increase supply," Mr Pocock said. "And not just helping first homebuyers get into a very expensive market."

"I would love to see more of a focus on affordable rentals and pathways to homeownership that don't push up prices.

"Things like build-to-rent-to-buy schemes which we know can work we just need the political backing to actually make them attractive and provide some tax incentives for people to be investing in them."

But it is the ACT's $98.3 million housing debt and land and building debt of $2.2 million where Mr Pocock can see the possibility of quick action.

"When it comes to housing we're clearly in a crisis here in the ACT," he said.

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Waiving the debt is what the ACT Chief Minister Andrew Barr has been trying to get the Morrison government to do ever since it agreed in September 2019 to set aside Tasmania's $150 million housing debt. It was one of the conditions for Senator Lambie's support for the government's repeal of medevac laws. The federal government also waived South Australia's $320 million housing debt in 2019.

The ACT Labor Greens-controlled government has also been seeking to refinance the territory's housing debt to reduce ballooning interest costs.

"I think by the end once it's paid off we would have paid $33 million just in interest payments," Mr Pocock said. "That could be invested in social housing. We've got a huge shortfall in Canberra."

"I've been saying, we need a national strategy for housing. We need collaboration between the federal and territory governments and I think this is part of that and actually recognising this for the crisis that is. Housing comes up in most conversations I have with Canberrans. It is currently not working for us."

"We have to actually find solutions and pathways to homeownership, but don't push prices up."

In February, ACT Labor Senator Katy Gallagher blasted Treasury and Finance Minister Simon Birmingham in Senate estimates for not considering wavering or refinancing the territory's housing debt.

"Do I have to become an independent in order to get the ACT housing debt waived?" Senator Gallagher said. "It's not policy based and it's not fair."

ACT Liberal Senator Zed Seselja has pledged, if re-elected, that the Morrison government would put a large portion of CSIRO land in one of Canberra's northern suburbs up for sale by the end of the year to address the ACT's affordable housing shortage.

He also wants the ACT government to review planning policies to allow development in Canberra's south, west of the Murrumbidgee River.