Angela Reiner has suggested ministers could prevent England's new parliament building from being sold under the Right to Buy scheme.
The Deputy Prime Minister said the government would introduce restrictions on new social housing “so we don't lose stock”.
Since Margaret Thatcher launched the scheme in 1980, the Right to Buy scheme has enabled tenants living in social housing to buy their homes, often at a steep discount.
Successive Conservative Prime Ministers have expanded and encouraged the scheme, resulting in nearly two million homes being sold.
The policy was initially praised for increasing homeownership rates among working-class people, but has recently been criticized for worsening homelessness.
Charities and campaigners are calling for the project to be halted until more social housing is built.
Mr Rayner told the BBC he did not want any more parliaments to “leave the system”.
“We're going to put limits on them so we don't lose these homes…We don't lose that inventory,” she said.
She added that England was facing a “catastrophic emergency” regarding homelessness.
Ms Rayner bought her home in Stockport in 2007 under the Right to Buy scheme.
The government plans to launch a consultation on the policy this autumn. Labour's election manifesto included “strengthening protection for newly built social housing”.
Labor has pledged to build 1.5 million homes this parliamentary term, but has not released a figure for social housing.
The Right to Buy scheme ended in Scotland in 2016 and in Wales in 2019. Since taking office, Labor has said the discount available to buyers in England will be cut from £16,000 to £38,000 depending on location.
In her Budget, Chancellor Rachel Reeves announced measures to allow councils to keep all the money raised from social housing sales, a move that the previous Conservative government put in place for two years until March 2024. This is the policy that was being implemented.
Greater Manchester Mayor Andy Burnham said in May that the right to buy new properties should be suspended, saying the policy was making the city's housing crisis “worse year on year”.
Writing in the Guardian, Mr Burnham argued that “there are no honest solutions to the housing crisis as long as it remains as it is”.
“City councils have no incentive to fund new housing construction if they can sell it cheaply and quickly,” he wrote.
“In the face of a desperate housing crisis, the existence of Right to Buy means you are effectively trying to refill the bath without being allowed to turn the tap back on. I will.”
Prime Minister David Cameron reinstated Right to Buy in 2012 during his coalition government, increasing the discounts offered to tenants wanting to buy council housing.
In 2022, Boris Johnson considers extending plan To a tenant who was renting a house from a housing association but did not go ahead with the changes.
Mr Rayner's housing department has previously stressed that it has no plans to abolish the Right to Buy scheme, but will review it.
Mr Rayner said in September that he wanted to preserve the system while making it more “fair” for taxpayers.
She said someone should be allowed to buy a home they have lived in for many years, but it “needs to be the equivalent of replacing the stock.”
She told the BBC's Laura Kuenssberg on Sunday: “I want to see the biggest wave of council housing in a generation. That's what I want to assess.”
Housing campaigner Kwadjo Tuneboa said the right-to-buy scheme was “the most harmful policy ever put in place when it comes to social housing”.
