This is actually used in the center of Santiago, Chile to curb the amount of pollution in the city. It's a nice approach, but if you only ban certain plates and not the drivers themselves, it starts to disproportionally affect more vulnerable communities. Families with means are able to purchase multiple cars with different plates which would therefore bypass the law. On the other hand, there are families which share one car to go to work, school, and errands. They'd have to rely on either an extremely poor public transportation infrastructure or face the fines which would further strain the family.
Although, I do believe it could be a viable option for the Downtown/Brickell Area once the public transportation infrastructure in that area is brought up to a higher capacity.