I'm also not a fan of adding 4 expansion teams, I just don't think there is enough quality to go around. I'd be fine with 2 expansion and 2 relocations.
Not sure how much stock to put into this but from Howard Bloom of Sports Business News:
"NHL expansion – four teams added by 2017, Quebec City, Toronto, Seattle, and Las Vegas $1.4b in expansion fees"
That's a lot of money and money will always win out. Still not sure how feasible a 34 team league is though.