The mayor of London is being called upon to make changes to the planning tariff which will fund the development of Crossrail.
Around £300 million is planned to be contributed from developers across the capital.
Councillor Merrick Cockell, London Councils' chairman, said: "The mayor must understand that the benefits of Crossrail do not outweigh the need for affordable homes and local transport improvements in the capital."
Last month it was announced that a levy would be introduced on larger business to help fund Crossrail.
Named as the Business Rates Development Supplement, two pence is to be applied to business properties with a rateable value for more than £50,000.
Mayor Boris Johnson said that the global economic situation should "not allow our investment in the future to falter".
Crossrail will increase rail-based transport capacity in London by ten per cent and it is expected it could contribute £20 billion to the UK economy.