It probably will grow back the first few times, but eventually it will do permanent damage.
My wife has an obsession with plucking my eyebrows, especially in between them. After a couple of years I've noticed that it doesn't hurt as bad anymore, and the hairs aren't as lively and vibrant looking as they used to be.
Plucking hair stresses the hell out of the follicle, and damage is probably similar to that of traction alopecia.