Like a college student writing home for money after losing his shirt in a poker game, Cambridge turned with hope to the University this week in the wake of Proposition 2 1/2.

Citing the possibility of massive layoffs and cuts in services as a result of the tax-slashing referendum, city councilors made suggestion after suggestion at last Monday night's session for ways of dealing with the fiscal crisis.

Harvard came up fairly frequently during the long meeting--city councilor David Sullivan called for an investigation into ways to end the University's exemption from property taxes, and councilor Alfred E. Vellucci urged city officials to ask Harvard for more payments in lieu of taxes.

Given Harvard's windfall from the passage of Proposition 2 1/2--the University will save thousands of dollars on its taxable residential holdings in the city--Harvard officials hinted they might agree to increases in the in-lieu payments.

But Lewis Armistead, assistant to the vice president for government and community relations, declared firmly that an end to the University's treasured exemption would have a "substantial negative impact" on Harvard's operations.