Supporters and opponents alike are touting SB 375 as the most significant land use reform bill in recent California history. When he signed it in September, Gov. Schwarzenegger called it the biggest bill since the California Environmental Quality Act 38 as approved years ago. Meanwhile, the hilariously over-the-top Orange County Register has called the bill "one of the most authoritarian, far-reaching and elitist bills that has ever made it to the governor's desk." In fact, it is neither.

Construction activity may have declined dramatically, but the number of ballot measures seeking to slow or guide growth remains high. Voters across California will face close to 50 growth-related local ballot measures in November.

It's not unusual for the number of slow-growth measures to increase at the end of a real estate boom. Construction often continues and the real estate market dies, and slow-growth measures are often a reaction to construction rather than the market. In other words, slow-growth ballot measures are a lagging economic indicator of the real estate market. This November's total is down from the 78 measures on the November 2006 ballot, partly because California had two primaries this year.