If this gets up, landlords will simply have to charge tenants an...

If this gets up, landlords will simply have to charge tenants an economic rent for existing rental property. Tenants will have to cover the actual cost of owning/running the property. Any net loss will no longer be subsidised by the Gov't and landlord, 30% and 70%, respectively, assuming a marginal tax rate of 30%. Why would any investor buy/keep existing rental property and rent it out at a huge loss?

New property will always carry higher rents and rents will simply increase across the sector.

This is truly a stupid and crazy idea.