It's the perfect time to do it. Building the protected bike lane in the road design from the get go is the most effective way to make both cyclists and drivers happy and safe.
I personally would love to live in a world where fewer people own cars in the first place because public transportation is so good, but that's an ideal that we are no where close to achieving, so a lot of people need to own cars.
I'm for adding bike lanes, but there are plenty of people who work far outside the city and who need to drive are going to find it intolerable. A lot of people will be forced to move, while the value of off-street parking will go up.