How can Times Square make room for its crowded pedestrians?

Manhattan has a definite problem with running out of space for its pedestrians amid its frenzied onslaught of auto traffic, especially in high-traffic destinations like Times Square. So, perhaps they could take a lesson from Nanjing Road in Shanghai, China – and establish the main street for pedestrians only.
The first commercial road in Shanghai, being the busiest, most popular street in the city wasn’t enough. Thus, a large section of the street was pedestrianized in 2000, redesigned by a French architect, which I guess shouldn’t be a surprise considering the number of pedestrian-only streets in France. It’s been the public icon of the city ever since.