It was originally put into effect as an ethics measure but what it really does is keep the political field full of rich people IMO.

Allan Domb has no problem dropping his council salary to run, of course, but city workers in the field, who are the ones implementing these policies, rules and budgets and seeing how they play out, are firefighters, sanitation workers, clerks, library employees, tech workers, etc who need the paycheck their job provides and couldn't afford to quit and run for any kind of office (even ward offices), despite having the most first hand knowledge of what's working and what's broken.

It requires a ballot measure to make any change to the home rule charter, and council must vote to approve any ballot measure put forward, so somehow anytime it's come up it hasn't passed council....