It is more probable that pedestrians jump into a store and buy something which is more tax income for the state.
People will walk more and there will be less particles in the air. Less sick days means less expenses for health insurers and more work hours for employers.
Property value will increase
Not ideal for middle and lower class... But most of the profits never are!
Getting rid of the on street parking would be a great start and first step, the next is a tram line and dedicated ebus up middle with a cycle lane and ban private cars.