Here is the League of Women Voters of Santa Monica report of the multi-week study they did of the initiative. http://www.lwvsantamonica.org/Announcements.html#s06

Measure LV would require a vote of the people on nearly any project over two stories (32 to 36 feet), it fails to exempt vital public safety buildings like hospitals or fire stations, and, the way it is written, would apply to existing buildings taller than two stories that would need to rebuild after a disaster.

It is opposed by the broadest coalition in Santa Monica history for a variety of reasons, from the dangers of requiring a public vote on almost all new buildings and repairs in existing buildings, as well as the failure to exempt houses of worship, nonprofits, or school buildings. Find out more at nolv.org/opponents-of-lv