This will change the nature of the city but it'll take about 40 years for the change to be very obvious.
I live in a neighborhood where the first 4 blocks off the transportation corridor basically already had this zoning for about a year and a half. I like the feeling of the new construction well enough I suppose. Before it was enacted everything was faux posh 2500+ single family modern boxes (as of a year ago most neighborhoods don't allow any new single family residential over 2500 SQ ft). The new infill often has a bit more character than the big boxes.
The neighborhood is almost fully gentrified, this will probably stave off whatever comes when you shoot past gentrification and into who ever buys a 2500 SQ ft house.
A year ago passing this through council was all anyone who cares about public policy could talk about. Now a days a with COVID and the ongoing riot/protests it passed with little mention in the run up to the vote.
I hope it helps make housing more affordable. Like I said this was already how a big chunk of my neighborhood was developing before this passed. They jacked up density in my neighborhood and reduced services at the same time, pretty much the opposite of what you should do when increasing density. I joked that they were going to make us an affordable hellscape. There no money for anything now and services are going to be cut to the bone. I hope it isn't terrible.