How did Australia's housing market get so bad, and is it all negative gearing's fault?

There’s a lot of debate about why and how Australia’s housing market became the garbage fire it is today, with many accusations being hurled at one particular suspect: negative gearing.
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But while negative gearing is certainly a factor, it doesn't deserve all the blame. The Guardian's Matilda Boseley explains that, when it comes to the country's housing crisis, negative gearing is just the garbage, which needed a lit match to set it alight.
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