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The voting population using Negative Gearing is huge, over 1.2 million. This is the main reason why NG remains and was reinstated in the 1980s, nothing to do with affordability or rents. A lot of these NG voters would be more marginal / central than the current NG opposition, which is picking up...

This is law in some countries. when rates dropped in Switzerland when I lived there tenants could apply for rent reduction and the owner was usually legally required to oblige.