That's a ridiculous proposal. Imagine the cost of creating a whole secondary road network above the current road network and the extra spaces needed for ramps up and down the elevated cycleway. This is something you can do in very special circumstances, but nowhere close to a general solution.
Imagine not being able to imagine something as simple as what most European cities have already figured out, which is to put the bike lane between parked cars and the pedestrian sidewalk.
And suggesting that we try and squeeze cyclists onto already-overcrowded streets is any less ridiculous? I should have known that you're not allowed to speak ill of bikes here, jesus christ.