NO on L: The campaign against Pacifica’s Measure L

Peebles made a small fortune on the Bath Club, by exploiting a loophole that let him get the property rezoned.

"The owners were asking for $25 million to $30 million, but no one was willing to pay because it wasn't going to make money unless it got rezoned -- the building couldn't be taller than 40 feet. The rezoning would take two years. I found a loophole that would allow us to go up to 200 feet in height and offered $10 million, contingent on the rezoning.
...
After the Bath Club got rezoned, a brokerage firm offered me $42 million for the property."

At the August 19th, 2006 debate, Peter Loeb stated:

In 1983, nobody ever expected that anyone would try to put a measure on the ballot with no plan.

Is this the "loophole" that Measure L is attempting to exploit?

Is Pacifica just another chapter in Peebles' book?

(Hat tip to Carolyn Clary-Macy for the research.)