I'm cautiously optimistic but as someone who lives and walks down that street every day (particularly between 2nd and 6th) it seems like its the same amount traffic. It's mostly buses/taxis and the odd car making the wrong turn. Weren't cars always blocked from a subsection of it anyway?
Ultimately this just seems like another move against Uber/Lyft, who the city seems keen on milking for every last dime while they're still solvent. From cranking up taxes, giving them the terrible routes around SFO and Chase, etc., getting around the city is just getting harder/costlier whether its public or private transit.
Again I'm trying to be optimistic, but SF sells regulation/taxes/projects like a snake oil salesmen playing on peoples dreams and fears, then manages to find the worst possible outcome with massive cost overruns by the time the dust settles.