You may have seen the billboards around L.A. saying "Yes on S," but that could spell disaster for CRE, according to local developers.

Measure S, also known as the Neighborhood Integrity Initiative, would place a two-year moratorium on big developments, banning most “spot zoning" and other amendments.

The idea has developers on edge. Those that want to build big developments would be forced to do so outside of L.A. It will go before voters in March.

Some developers fear it may be too late to stop it.

"S is going to pass," Fairfield Residential SVP Larry Scott (far right) said at this week's Bisnow L.A. Multifamily event. "It's just unfortunate it's going to pass because nobody is out there fighting it."

Measure S includes an exemption for projects that are 100% affordable housing, where every unit is below market rate.

Many voters in L.A. think it sounds good because it's affordable housing, Scott said.

But an organization now fighting the ballot initiative, the Coalition to Protect L.A. Neighborhoods & Jobs, argues passage of Measure S would restrict projects, driving up rents, reducing affordable housing and adding to L.A.'s homeless problem.

Some have argued not enough developers are giving money to fight Measure S.

Aside from being financially involved, people in CRE need to fully understand what type of impact the passage of Measure S could have on the industry, Lendlease SVP Mike Concannon (far left) said.

"Everyone is aware of it, but what are we actually doing about it?" he asked.