The Preserving Affordable Main Streets Act aims to promote equitable residential development across New Jersey by modifying municipal zoning ordinances. The bill allows municipalities with transit stations to approve mixed-use developments and multiple dwelling units without requiring use variances or minimum parking requirements, provided these developments meet specific criteria, such as a minimum density of fifteen units per acre and proximity to transit stations. Additionally, municipalities can designate up to 50% of development types within a one-mile radius of a primary transit station, ensuring that these areas are accessible via public rights of way with adequate pedestrian facilities.

For municipalities without transit stations, the bill mandates that zoning ordinances permit multiple dwelling developments in areas with sufficient population density or proximity to main street corridors, again without the need for use variances or minimum parking requirements. The bill establishes a timeline for approving development applications, requiring decisions within 65 days, and outlines consequences for municipalities that fail to comply with the new regulations, including nullifying noncompliant provisions of existing zoning laws. Furthermore, it prohibits municipalities from imposing unreasonable costs or delays on housing development applications.