This is a massive waste of…

This is a massive waste of taxpayer dollars that could be better spent building new transit around the city to facilitate easier commuting around the downtown. There is no actual solution to traffic that doesn't include viable alternatives to driving. Removing these bike lanes is not only going to hurt local businesses, see link.
From the study linked the bike lanes:
increase in average number of customers
increase in customer spending
people who biked or walked spent more per month than those who drove or took transit