They are also making a loss, but have usually been able to rely on the fact that their property will gain enough in value that they can make that back upon sale, taxed at a discount.In 2022–23, the last year for which we have data, 1.2 million investment properties were negatively geared (roughly half of all investment properties) and 1.1 million people made a capital gain.In general, those most likely to benefit have high incomes and high asset wealth For instance, by taxing gains from the past at 50 per cent and gains in the future according to inflation.Another uncertainty is whether the proposal will exempt new homes, so that Labor can argue its policy is actively encouraging supply by pushing investors towards new stock.There is a range of modelling available on the consequences of negative gearing and capital gains tax changes, and the results vary.Broadly, economists expect that the main consequence would be that some investors exit the market when they can no longer access tax concessions