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Santa Monica Development Cap

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The People's Republic of Santa Monica has managed to get an initiative on the November ballot that would seriously limit development in the seaside city. In a major huff over congestion, proponents of The Residents’ Initiative to Fight Traffic (or RIFT) gathered 10,000 signatures when only 5,800 were needed to get the measure on the ballot. If passed by Santa Monicans, RIFT would put an annual limit of 75,000 square-feet on new commercial development for the next 15 years. Large-scale development projects would have to be approved by voters (i.e. they wouldn't). So no Santa Monica Live?
RIFT [Official Site]