Derry City and Strabane District councillor Shaun Harkin has accused the Stormont Executive of failing to build enough housing.
He added: "As a result, almost £50,000 a day is being spent on unsuitable temporary accommodation.
"Vulture funds, big developers and unscrupulous landlords are profiteering from the housing crisis facilitated by Stormont and the Dáil.
"The Stormont Executive and Fianna Fáil/Fine Gael government have allowed the housing crisis to spiral causing misery and hardship for hundreds of thousands North and South.
"The root cause of the crisis is housing as a source of profit, instead of building housing for need," said Cllr Harkin.
The people Before Profit councillor said there were more than 300,000 individuals on housing waiting lists, including more than 90,000 in the North.
"In the South, there are well over 160,000 empty houses and flats, excluding holiday homes, many of which could be brought back into use as homes," he added.
"In the North, there are 22,000 empty properties, thousands of which could be regenerated to meet housing need.
"Stormont and the Dáil know the extent of the housing crisis but refuse to prioritise urgent mass building of social housing or rent regulation - because this would require them to challenge those getting rich from housing misery.
"Over many years the Stormont Executive has tried to destroy the Housing Executive, the main provider of social housing, through privatisation and chronic underfunding.
"Both governments have paltry social housing build targets and constantly miss them because of lack of funding. The housing crisis is a colossal government failure. We can't allow migrants to be blamed for this dire situation. The hate campaign of the far-right and elements of the establishment responsible for the housing crisis is about deflection and won't do a thing to help people facing homelessness, trapped in a hotel or paying unaffordable rental costs," said Cllr Harkin.
Cllr Harkin said the 'All-Ireland Housing for People, Not for Profit' demonstration organised by CATU (Community Action Tenants Union) was an opportunity to amplify the campaign North and South.
He added: "A mass movement is the only hope to change failed government housing policies - to help households trapped on waiting lists, stuck in temporary accommodation and paying exorbitant rent."
The rally is taking place in Dublin on Saturday, July 5. There will be a bus leaving Derry Guildhall at 8.15am for anyone wishing to attend.