Alternate days for private vehicles, so-called pica y placa, is usually a failure as far as reducing congestion because it encourages people to buy another car. This happened a lot in Mexico and in Bogotá. Yes, of course not everyone can afford it but it usually just shifts the problem around. The one in Quito has been more successful for some reason. A quote from an IDB paper: "License plate restrictions have been one of the more popular policies in the region, despite the fact that shortly after the first implementation in 1986 in Santiago, it became clear that this measure had several adverse effects."
Just building more roads and more infrastructure for cars only encourages more cars on the road, so you build, and fill up the new roads, and then start again. Personally one of my favorite things about BsAs is that the middle class also uses public transport, unlike many or most Latin American cities, and this is really the only way to go with increasing number of people and finite space. Countries like Colombia are trying to show, through BRT, that "public transit is for everyone" but in none of those countries I think they will be able to stop the notion that the first thing someone does when they move into the middle class is to buy a car. So in my opinion, BsAs should revamp the trains, continue updating the metro (my subte, B, will have air condition by early next year apparently), and try to work to stop the increasing security so that public transit keeps being a good option for all, those with and those without money.
Here is a quote from the same paper: "Many countries in Latin America have opted to build large elevated highways and widen existing roadways, with the hope that this would reduce congestion in the city. However, experience shows that the opposite actually occurs. There may be short-term benefits from this type of infrastructure, but in the medium- and long-terms, it leads to increased travel demand and an increase in the number of vehicles. This effect is known as induced demand."
I am surprised by the positive review of Mexico City, I have memories of taking 2-3 hours from Santa Fe to Polanco after work! But I have heard good things about the MetroBus and the metro there.
Here is a link to the paper:
Practical Guidebook: Parking and Travel Demand Management Policies in Latin America
(Full disclosure: this is where I used to work before quitting my job to ride horses in Argentina.)