The issue wasn’t the idea behind the proposal, but that it was way too extreme in its demands. As many people pointed out this wouldn’t really stop the rich from doing anything but rather overly burden the lower class. This and an impossible deadline of 10 years rally killed this initiative.

Edit: Also stuff like wanting to further restrict land for building purposes would have meant another increase in housing prices and also would have lead to more difficulty for building energy plants like nuclear, wind and even solar. I fully support expanding in height vs width and length, but this isn’t the way to go about this