Assuming that the real goal was not to raise money but to put gun and ammo dealers out of business, the plan is working. And now the polical minds behind it can check a third box -- they can claim that the plan worked.
Of course, the "successful" plan didn't produce any of the tangible or intangible benefits it was supposed to have produced (such as reduced crime), but that's a minor technicality, easily swept under the PR carpet. The main talking point will be "Less [yes, I know that's grammatically incorrect] Guns in Seattle. We did it!"