AS always, the excuse to build baby build is for affordable housing.  Building more and more homes does not keep the price down.  Housing will always be expensive in desirable places. Look what happened with the rampant development and housing costs in California.  Housing costs are in the stratosphere, it is overcrowded and lost charm. 
We, who live here now, get to subsidize all this new housing for growth in order to protect the developers profit margins. Those who benefit from growth should pay for it. No matter what happens with this growth limiting initiative, developers and real estate agents should pay development impact fees to cover the costs of housing and schools and infrastructure needed for these new developments.  Currently WE pay for this and subsidize people moving here. If the new housing reflected true costs of development then that would serve to limit growth. Build designated affordable housing for those here now that need/qualify for it.