It depends, I personally don't think the priorty is even out to YorkU, regardless of VCC, but my preferred wait and see approach is to build it when there is more certainty of having the the ridership there to build it. If we build it and it follows the same success as the other extensions on the spadina line, then its a waste. I think its a gamble when you can get more money funding other projects that could help more people/get more people out of their autos.
If its the matter of getting the shovels in the ground with the 1.4 billion already committed by the province and the city, then build it now and worry about the rest of it later - and if it doesn't arrive, stop it at YorkU.
If its VCC or nothing, then I'd take VCC. But if this funding, especially the 1/3 from the Feds is going to hurt other transit projects in the future where we need their 1/3, I think the opportunity cost of taking the 1/3 for the VCC is too high.
If we extend it twenty years from now after everything's built, the development will all be auto-oriented.
I hate to argue with what is going to happen in the future but if we were really concerned about battling the auto, you wouldn't allow more of these business/office concentrations like VCC to start to be developed. You can argue it either way, ie, link the nodes with transit, but really, sprawl will mushroom around VCC, if its success, and then you have to provide more transit to serve the mushroom. Vs. lowering taxes downtown for class a space, and encouraging offices to located downtown, while allowing the warehouses/etc to remain on the fringe.