The core concept of the system lies in forcing people to use mass transit. Less available lanes for motorists would result in greater traffic, making car transit impractical and mass transit necessary. The city is basically proposing to force motorists out of their cars and onto the bus. Granted, the system has noble purposes. The problem is that it proposes to force citizens to use a system they're not accustomed to.
Many people stubbornly use their cars despite traffic and parking concerns.
If the transit system is built as proposed, we're likely to cause further congestion rather than eliminate it. More congestion leads to more pollution, more gas, more road rage, etc. The focus should be placed on making the bus system more convenient without making driving less convenient. This way, less risk is involved. As it stands, the proposed system, though innovative, stands for failure because of human nature.