The Albanese government is under pressure from the Greens and crossbench politicians to reconsider negative gearing concessions, prompting a request to Treasury for expert advice on potential changes.

The Greens have indicated a willingness to support Labor's housing bill if negative gearing is reconsidered, while the Coalition remains opposed to any tax changes related to housing investments.

Negative gearing allows property investors to deduct losses from their taxable income, making it a contentious issue that has previously influenced election outcomes for Labor.

Despite the challenges, Minister Tanya Plibersek remains committed to fulfilling Labor's 2022 election promise and is actively engaging with senators from various parties.

The political landscape is marked by accusations between parties, with each blaming the other for obstructing progress on housing issues that impact everyday Australians.

Political analysis shows that even a small percentage of negatively geared taxpayers can represent over 14,500 voters in each electorate, highlighting the sensitivity of this issue for Labor.

This move is part of a broader strategy to address the housing crisis that is particularly affecting young home buyers, with the government seeking to scale back negative gearing and capital gains tax concessions.

Albanese has previously threatened a double dissolution over housing legislation, which ultimately passed after negotiations with the Greens.

The Prime Minister has expressed concern that changes to negative gearing could inadvertently reduce housing supply, conflicting with Labor's $32 billion housing agenda.

Labor MP Josh Burns has acknowledged significant housing affordability challenges in his community and expressed openness to exploring solutions.

The Albanese government is seen as having an instinct for moderation, which some critics perceive as timidity in addressing urgent issues like inflation and housing.

Overall, the current political climate is characterized by frustration, as various parties and the public feel stagnated and dissatisfied with the status quo.