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Steps to reproduce the bug:
```
>>> import sys
>>> sys.version
'3.6.7 (v3.6.7:6ec5cf24b7, Oct 20 2018, 13:35:33) [MSC v.1900 64 bit (AMD64)]'
>>> import datetime
>>> print(datetime.datetime.now().astimezone().tzinfo)
datetime.timezone(datetime.timedelta(0, 3600), 'Central European Standard Time')
>>> import time
>>> time.localtime(0)
time.struct_time(tm_year=1970, tm_mon=1, tm_mday=1, tm_hour=1, tm_min=0, tm_sec=0, tm_wday=3, tm_yday=1, tm_isdst=0)
>>> time.localtime(-1)
Traceback (most recent call last):
 File "<stdin>", line 1, in <module>
OSError: [Errno 22] Invalid argument
```
On Ubuntu it works fine:
```
>>> time.localtime(-1)
time.struct_time(tm_year=1970, tm_mon=1, tm_mday=1, tm_hour=0, tm_min=59, tm_sec=59, tm_wday=3, tm_yday=1, tm_isdst=0)
```

It's a limitation of the Windows C library. I'm quite sure that Python 2 has a the same issue, it shouldn't be a regression.

Victor is correct, this is a limitation in Windows. As the documentation for time notes:
>Although this module is always available, not all functions are available on all platforms. Most of the functions defined in this module call platform C library functions with the same name. It may sometimes be helpful to consult the platform documentation, because the semantics of these functions varies among platforms.
https://docs.python.org/3/library/time.html#module-time
And as the Windows documentation notes: 
>less than 0 or greater than _MAX__TIME64_T: EINVAL
https://msdn.microsoft.com/en-us/library/a442x3ye.aspx?f=255&MSPPError=-2147217396