Really? I can see lots of reasons.
1) Increased operating costs - where is the money coming from to pay for that? One councillor has already asked this.
2) Lost of rapid transit on Finch West and Sheppard east of Kennedy
3) Significant densification to residential Scarborough neighbourhoods.
4) The city would have to take on a huge amount of debt. There are other proposed subway lines that would carry much more traffic.
I'm looking at this from a political options perspective. This new transit plan will bring more kilometers to the subway system (including the grade separated LRTs in this term) since the 70s.
Yes, it will bring on cost and debt, but looking at it politically - all the fiscal hawks are on Ford's side anyway and would probably keep quiet. Also, I think Torontonians do feel that we are underinvesting in rapid transit and will be more willing to make this investment.
The only real opposition I can see is to the plan that may have some effect on the debate, as you said, would be that people on Finch West and Sheppard East of Kennedy will be losing their at-grade LRT. However, I don't know how strong this opposition will be. It really depends if Finch West gets a BRT system or not.
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From a transit perspective:
- We are now getting more underground/elevated transit expansion than we did in many decades
- The Eglinton line being fully separated and interlined with the SRT will probably help easy congestion on BD and Bloor-Yonge station, and it will save SRT riders a transfer
- The Sheppard subway will be completed as per the original vision before Miller scrapped it
- The Eglinton West subway will be finally built as per plan
- The Scarbroough line is going to get more capacity (although this was in the TC plan anyway)
- We will now have 3 east-west subway lines (Sheppard, Eglinton, Bloor-Danforth), added to the 3 north south lines (Spadina, Yonge, Scrarbrough)
With the DRL study coming out this year... and the chance for the Sheppard and Eglinton subways to be built out now - maybe 2011 is the year that Network 2011 will finally be built.