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, the bill outlines a tiered reduction system: a 20 percent decrease for developments located between one mile and one-half mile from public transportation, a 30 percent decrease for those between one-half mile and one-quarter mile, and a 50 percent decrease for developments within one-quarter mile of such services. The public transportation services referenced include rail passenger services, motorbus regular routes, and ferry passenger services.

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 align with the Statewide site improvement standards and are set to take effect immediately upon enactment.