Ah, but we see what they did there.
They didn't say the proposed heights and densities were similar to current city code; they said similar to "what exists," meaning 3-story mixed-use buildings like Pacific Station and Moonlight Lofts and the things next to Caldwell's Antiques. Those properties were upzoned by a prior city council without a public vote (which the 2012 council lied about to voters in the ballot argument against Prop A). Prop A subsequently restored the General Plan's 2-story, 30-foot height limit, which Measure T would overturn.
Yes on T: make 3+ miles of the 101 corridor similar to Pacific Station! But are Pacific Station or Moonlight Lofts even close to 48 feet tall?