This debate is certainly a tricky one.
Realistically, with the overwhelming amount of crime and police fatalities due to heavy weapons, there would at least be some regulations imposed some firearm regulations. As it stands, any gun would be allowed in paralake. You could literally have a minigun to defend your house and police would legally not be able to do anything about it. The fact that criminals are legally allowed to have weapons that are stronger than the Police Department's has always bothered me.
However, just like every law unless it is implemented well and with a lot of discussions it will not work. People will loophole to high heavens in an attempt to dupe the cops.
I like the idea, and think it could do a lot of good, but there needs to be some in-depth discussion about this before anything is even implemented. Not half-arsed ideas and very shallow promises.