The measure, Proposition 202, could also prevent another 1 million jobs from being created in the future, the USC study says.
"There are very few winners," says Peter Gordon, a University of Southern California economist and planner who led the research project. "The purported benefits of Prop. 202 we keep hearing about, such as less traffic, better air and more equity, aren't there."
Proposition 202 calls for every sizeable city in the state to draw growth boundaries limiting where development can occur. It would also force a two-year moratorium on construction while cities craft their boundaries.
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