No reduction in traffic will…

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No reduction in traffic will be observed by removing viable alternatives to motor vehicles. Counter-intuitively, this will instead exacerbate the problem, for the same reason that adding additional lanes only temporarily alleviates issues. The phenomenon is known as "induced demand" and is well-studied.

That's for those who choose to switch from using a bicycle to using a car: for those who choose to continue to use a bicycle, they'll no longer have a dedicated lane and will have to share the lane with other cars, forcing all vehicles to move at the speed of the average cyclist.