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There are neighborhoods in the city that desperately need subway access. The El is the only affordable solution at this time. I am all for building new elevated lines and maintaining the old. Transit connections are going to be KEY according to the current trends. Energy cost and an increased demand for urban living (bye, bye car).
Depending on your tolerance they can either suck due to noise or not matter at all. Primarily those facing the tracks directly get the worst of it.