I strongly disagree.
First of all I'm saying this will not reduce anyone's standard of living. Give them a great transit system and they will use it until they realize the cars are mostly sitting around. Further I gave them an out: you keep one car (truck?) for the times when they are better.
Now I will agree that some people will not give up their cars. However I think the majority will if you just give them a better option, and this is the first win that we need to chase in most of the US. More importantly you have to do things this way. Start with forcing people and they will discover you reduced their standard of living and they respond by voting you out and undoing everything making transit worse. Start with making the system better and you can then win when people don't care since it mostly doesn't affect their life anyway.
Manhattan is one of the rare exceptions in the US where transit is good enough that you can apply a stick to the last hold outs driving when they could take transit - enough people already take transit that they won't care what you do to cars, and many of the remaining drivers really need a car (they are delivering something that can't go on transit) and they find paying for lower congestion makes their life better. Manhattan has a lot they need to do to make transit better there too, but at least they are good enough.