This bill mandates the Commissioner of Community Affairs to establish regulations that reduce the required number of on- and off-street parking spaces for residential developments based on their proximity to public transportation services. Specifically, it proposes 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 bill outlines the criteria for what constitutes public transportation service, including motorbus regular routes and ferry passenger service.

The intent of the bill is to encourage the use of public transportation and reduce the reliance on personal vehicles, thereby promoting more sustainable urban development. The regulations will be implemented in accordance with the Administrative Procedure Act, ensuring a structured approach to the changes in parking requirements. The bill is set to take effect immediately upon enactment.