This bill mandates the Commissioner of Community Affairs to establish regulations that reduce the maximum required on- and off-street parking spaces for residential developments based on their proximity to public transportation services. Specifically, the bill outlines a tiered reduction system: a 20 percent reduction for developments located between one mile and one-half mile from public transportation, a 30 percent reduction for those between one-half mile and one-quarter mile, and a 50 percent reduction for developments within one-quarter mile of such services. The public transportation services referenced include rail passenger service, motorbus regular routes, and ferry passenger service.

The bill aims to encourage the use of public transportation and promote more efficient land use by decreasing the parking space requirements in areas well-served by transit. The proposed changes are intended to facilitate the development of residential projects in proximity to public transportation, thereby potentially reducing reliance on personal vehicles and contributing to more sustainable urban planning. The act is set to take effect immediately upon passage.