Could Lighter-Colored Streets Lower Temps in LA?

Los Angeles is coating some neighborhood streets in light gray. Will project "Cool Pavement" work?
View of a LA neighborhood street

Could a light gray coating make this street a few degrees cooler?

In this NPR spot, host Ailsa Chang interviews Greg Spotts, the chief sustainability officer of the Bureau of Street Services in Los Angeles. The topic? Whether putting a thin, light gray coating on city streets could lower temperatures on hot summer afternoons.