Everyone I've met in the neighbourhood, which isn't many all things considered, but there are ways to find this out.
So: how do we find this out?
Start a petition.
Volume of vehicular traffic incompatible with historic character: http://www.cbc.ca/news/canada/british-columbia/story/2012/07/31/bc-gastown-cobblestones.html
Traffic calming already in place, has only increased congestion.
More and more neighborhood restaurants, cafés, and businesses which would benefit.
It would be a nicer place!
Businesses rely on deliveries, residents move in and out – they need to be accommodated. Historic districts throughout the world solve this in different ways; restricting hours of traffic, residents-only traffic, solutions exist. This could be as simple as closing the outlet to Cordova St, creating a cul-de-sac with no reason for anyone else to enter, or as complicated as a keyed gate, opened before 10am for deliveries.
Many businesses have alley access, the Cambie crossing could be maintained (many such pedestrian/vehicle crossing exist elsewhere).
TODO: What are the existing parkade entrances or similar? Can they be otherwise accomodated?
The simplest answer seems to be Water Street only, with traffic coming off Alexander and Powell directed north onto Carrall St at the square. Given the existing congestion and traffic-calming measures in place on Water St have already eliminated most parking, increased foot traffic and sidewalk space seems like a no-brainer benefit to local businesses which already rely on foot traffic.