The suggestion was made following an announcement the authority would sell some of its housing stock
Douglas Council has ruled out introducing a rent-to-buy scheme, saying it failed to generate sufficient funding to build new social housing in the UK.
Earlier this week, Leader Devon Watson defended plans to sell 17 public sector homes at market value, arguing it could cost "millions" to renovate them to modern standards.
He says 100 percent of the proceeds will be reinvested into building new council houses.
It's estimated as many as 250 people are on Douglas Council's waiting list.
Mr Watson has also outlined what will happen to the tenants living in the affected properties:
TT rider 'suffered chest injuries in fatal crash'
Community on Island 'praying' as 7.8 earthquake hits Philippines
Workforce size and pay awards make health budget 'difficult to predict'
Overhead MER cables brought down in Laxey
Onchan commissioner to stand for election in Garff