Brisbane Racing Club has insisted its Eagle Farm racecourse is not for sale amid a push from the Greens to compulsorily resume the land to make way for publicly owned housing.

In their latest pitch to voters ahead of the March 16 council election, the Greens have unveiled a $40 million commitment to acquire the racecourse if they win power at Brisbane City Council. 

They have proposed 4,000 council-owned properties be built on the site, with half set aside as social housing for those on the state government's housing register.

The Greens want the remaining half to be affordable houses that would be rented out at 30 per cent below market value.

Greens lord mayoral candidate Jonathan Sriranganathan would not put a fixed figure on how much it would cost to build the housing, saying the council would need to negotiate with the state for funds.

"The Greens' proposal is about recognising that we need more public housing to help address the housing crisis," Mr Sriranganathan said.

Mr Sriranganathan said the council would generate rental revenue from the proposed affordable housing, which would allow it to help pay off the construction costs.

The Greens also want the site to feature parklands and sports fields, native forests and public school facilities.

The party says it would seek to negotiate to acquire the site in the first instance but would compulsorily resume it if necessary.

Mr Sriranganathan claimed the 159-year-old racecourse was worth $35 million based on its current development potential and the zoning of the land.

'It's not for sale'

Brisbane Racing Club chief executive Tony Partridge disputed that a council would have the power to resume the Eagle Farm racecourse for a housing project.

"Local politicians simply don't have the power to acquire this land for housing or a purpose you would think is a state government purpose," he said.

Mr Partridge said the site was not for sale and would never be up for sale, describing it as the "golden goose" of the state's racing industry that employs 15,000 people.

"In wagering turnover, it [the site] turns over $1 billion a year," he said.

"We have a payroll of $20 million a year. That's an enormous economic contribution.

Labor and LNP critical of Greens proposal

LNP Lord Mayor Adrian Schrinner said he supported the racecourse staying where it was, as he labelled the Greens' proposal an "unfunded thought bubble".

He also believes the price tag of acquiring the site would be upwards of $400 million.

Labor's Lord Mayoral candidate Tracey Price said Brisbane needed more housing but cast doubt on the Greens' plan.

The Greens currently hold one of the 26 wards at Brisbane City Council.