Campaign group Generation Rent has unveiled architectural plans to create hundreds of flats within the houses of parliament.
The group released the plans to draw attention to the plight of renters, who, they warned, are being crushed by high rents, poor conditions, and little security.
The move would see the Palace of Westminster transformed into 364 affordable flats. Most would be three-bed maisonettes for families, created by converting double-height spaces.
Community facilities would include swimming pools in the debating chambers and shared gardens in the courtyards, as well as a library, a launderette, and a gym.
Meanwhile, parliament would be moved to Hull, saving taxpayers nearly £120 million over five years in rent and staffing costs.
Moving to a cheaper part of the country would save £20 million in "reduced employment costs" and create 5,000 badly needed jobs.
It would also slash the rent bill for MPs. Average monthly rent for a one-bed home in Hull is £325, compared to £1,148 in London, according to Generation Rent.
Campaigners said relocating the politicians would help Westminster council meet local demand for homes.
Portcullis House, a prestigious office block for MPs, would also be sold off – netting taxpayers up to half a billion pounds.
The campaign group said the overall conversion would cost an estimated £30 million, less than £100,000 per flat.
Alex Hilton, director of Generation Rent, said: "We hope our proposal gives MPs a sense of humility and some urgency to ending the housing crisis."
This is what a flat in the houses of parliament would look like.
Architect Jay Morton, who drew up the plans, said: "This redevelopment would provide a unique opportunity to renovate the existing fabric of the building and provide much needed accommodation for those who live and work in the city while re-injecting a community back into the heart of the borough."