It’s “working” insofar as it represents a giveaway to value-extracting development interests, nearly all of which seek to grow the permanent renter class.
It remains to be seen whether that will reduce housing costs.
Santa Monica is one of the most desirable areas in greater Los Angeles. I doubt the demand for it is that shallow. However, this helps more people (who are likely well off) to afford it and reduce pressures elsewhere.
If your goal is a paid off place to live, SM isn’t the best choice unless you are either high income already or are set to receive a windfall somehow.
It remains to be seen whether that will reduce housing costs.