Isn't this temporary? The government should be concerned with the long term benefit to the city overall. The businesses that come in afterwards would likely benefit from subway access.
What if that subway needs major maintenance in two years because of a mistake during construction? Why would I open a business on that street if the city has already shown it'll put me out of business to work on it?
Well, it IS getting better, slowly. Maybe it will take 75 years to recover. How long-term are you thinking?
The government should first be concerned by not crushing individuals' rights. That is what Rule of Law is for. Many societies have been utterly destroyed by putting "the general good" as a pretext for policies.
That's just a standard good governance principle.