Tearing down a perfectly good highway that carries traffic through downtown and replace it with a local street with bazillion traffic lights, that's the dumbest idea I've ever heard, Josh Matlow is an asshole for suggesting it.
Remember the "Six Points Interchange Reconfiguration" in Etobicoke, they demolished two bridges on Kipling Ave to "relieve gridlock", and now the Dundas & Kipling intersection is more congested than ever during rush hour. These so-called city planners don't care if you're stuck in traffic for 5 more minutes at one intersection, they want the road more friendly to cyclists and pedestrians, those poor fucks.
As for the "divide the lake from the rest of the city" comment, if you can't make enough money to live in a condo right beside the lake, don't complain. If these people really loved the lake that much, throw them into lake and don't let them come out.