In the material design documentation it says the content padding of the dialog's text should be 24dp, but if you construct a simple AlerDialog with following code there isn't any bottom padding as you can see in the screenshot.
    public class MainActivity extends android.support.v7.app.AppCompatActivity { 
      @Override
      public void onCreate(final Bundle savedInstanceState) {
      final android.support.v7.app.AlertDialog.Builder builder = new android.support.v7.app.AlertDialog.Builder(this);
      builder.setTitle("title");
      builder.setMessage("asdf asöldkfasölkdf öasdklfjöa aösdkföa sdköf masjdö lmasjködf mjaösk maöskd mjaösk fmaöskmaöskmföasföalk maölskjd möaslkd möas mjaös m").setCancelable(true)
             .setNeutralButton(R.string.ok, new DialogInterface.OnClickListener() {
                  @Override
                  public void onClick(final DialogInterface dialog, final int id) {
                      dialog.cancel();
                  }
              }).setOnCancelListener(new OnCancelListener() {
                 @Override
                 public void onCancel(final DialogInterface dialog) {
                   MainActivity.sMessageDialogId = 0;
                 }
      });
      builder.show();
     }
    }
