My city did that. Only they waited for most of the businesses to fold first. What a great reward for weathering the recession those businesses got. Turns out when you kill parking in favor of bike lanes in a small city that does a lot of business by being a commerce destination for the surrounding towns it doesn't work well. Also nobody bikes here because the entire city is hills (plenty of people walk though) so bike lanes are an attempt to solve a problem that doesn't exist but they tried it anyway because they're politically fashionable, details of the specific situation be damned