What is it that makes “negative gearing” such a divisive tax policy?

The policy of negative gearing — which gives the owners of investment properties an unlimited ability to deduct losses from their overall taxable income — has come to symbolise the disparity between the different ways Australians see home ownership: for some, it is a means of wealth creation; for others, it represents the ever-receding promise of shelter, stability, security.It is unsurprising, then, that the policy would evoke such strong feelings whenever it re-enters public debate.Will changes to negative gearing solve Australia’s housing affordability crisis? No. But inquiring into why it elicits such powerful emotions can help us think more clearly about the moral dimensions of our relationship to housing and home ownership.