"These are all good things. The government does not consciously do bad things. But too many goods too quickly becomes bad," Brown said, adding that in times of economic recession, "you'll find jobs have got to be cut, particularly in lower-income areas ... like the Central Valley."
The governor criticized the proposed initiative, which would exempt those tax revenues from being included in the state's rainy-day fund.
"The Legislature could do a better job than the developers who put that one together," Brown said.
Follow @melmason for more on California government and politics.
Sign up for our daily Essential Politics newsletter