With that logic, why even impose height restrictions? In the future, Toronto will likely be a forest of massive skyscrapers, so why not plan ahead and start planting a bunch of 1000 footers in all of our downtown neighbourhoods right now. Hey, it'll probably look like that sometime in the future anyway!
That said, I actually really like this proposal, but I'm afraid that all the beautiful old warehouses are going to become tacked-on facades for larger projects one day. I don't care for the clubs, but I love the intact district of 19th century/early 20th century warehouses that have remained generally unmolested in the area. Let's hear it for gentrification though, I guess.