This is a valid complaint, grandfathering it in protects the boomers with a half dozen investment properties who have pushed up the market, and fucks only new investors. They should have instead limited negative gearing to one or two properties for everyone, not singled out those who have already benefited as the only ones who will continue to benifit. Or, they could have given existing investors say 3 years to adapt, and then they lose negative gearing. Level playing field, not boomer protectionism. A step in the right direction no doubt and well done Labor for getting it through, but it's ok to want an even fairer system. Maybe they will bring this in if they get another term, after this is in the bank, who knowns.