Valve announced a replacement feature for both Family Sharing and Family View. Currently in beta.

Features:

• up to 5 members
• game sharing
• parental controls
  • allow access to appropriate games
  • restrict access to the Steam Store, Community or Friends Chat
  • set playtime limits (hourly/daily)
  • view playtime reports
  • approve or deny requests from child accounts for additional playtime or feature access (temporary or permanent)
  • recover a child's account if they lost their password
• child purchase requests