You should also be able to discern the white pedestrian walkway lines that delineate the space through which pedestrians should travel. It stands to reason, then, that if the city does not want pedestrians crossing at this intersection, why would they bother to paint pedestrian crossing lines?
There may be some hidden logic here, but it escapes me. The white pavement paint in the area appears to be fairly recent in its application, and the sign does not appear to be especially new, either. At some point one would think that either the sign-hangers and/or road-painters would have scratched their heads and wondered about the absurdity of the situation.
Feel free to offer interpretations of the incongruities in the Comments section.