This is a very bad idea in…

This is a very bad idea in my opinion.
The provincial government should stay out of municipal affairs and let the municipalities make these kinds of decisions. They are best positioned to decide what works best.
The biggest traffic gridlock causing problems are not bike lanes but rather condo construction taking over lanes of the roadway, sometimes for years at a time. This is happening all over the City of Toronto and needs to be more carefully managed.
Traffic congestion is actually alleviated by having more cyclists and fewer cars on the road. More people would ride bikes if there are bike lanes which make it safer for all road users.
It would also help if the Provincial government put more money into public transit making it a viable option for more drivers, thus taking more cars off the roads. Completion of the Eglinton Crosstown would also help.