This argument is actually ridiculously easy to respond to.
Firstly the fact that there are categories of expenditure allowing you to go into deficit mean creative accountants, and I assure you City will have the very best, can easily warp the books. I guarantee you that even after these rules come into play the situation will look very similar to how things are today.
If City continues fielding teams full international superstars UEFA will not want to lose them and will bend the rules. These measures will slowly begin to gain traction, but not in this decade will they be anywhere close to legal gospel.
City stand a good chance of winning the league and going far in the Champions League before the rules even come into effect, meaning that they will eventually become a bigger and bigger club.
The fact that the powers that be in the middle east were able to get the World Cup to Qatar just shows that nothing is beyond these people in the world of business.