There was an article today in the wsj on prop L. L is very restrictive to office development but (so the article explained) the alternative might even be worse. Currently (since sometimes in the late 80s I think) a proposition was passed that limited office development to 950000 square feet a year. This didn't matter for a long time because the market was a bit overbuilt and didn't need new construction. But those days are over now. L is actually less restrictive than this earlier proposition, although still very strict. However, there's a very important kicker. CDX cut a deal for Mission Bay which exempted it from the 950000 restriction. So the current situation is good for CDX--everybody else is restricted, but not CDX. I don't know how/why CDX got this, but CDX gave the City (or to the University for the Med Center)a lot of Mission Bay land for free. Plus most of Mission Bay is housing anyway--which is what the Prop L types want anyway.