Reduces parking spaces required in Statewide site improvement standards at residential developments relative to development's proximity to public transportation.

This bill (A3043) reduces required parking spaces for new residential developments in New Jersey based on proximity to public transportation. It mandates a 20% reduction for developments ½ to 1 mile from transit, 30% for ¼ to ½ mile, and 50% within ¼ mile of rail stations, bus routes (with 5+ regular routes or 15+ bus stops), or ferry terminals. The policy directly affects residential developers by lowering parking requirements in areas with better transit access. The Commissioner of Community Affairs must implement these changes through regulations, aiming to encourage transit-oriented development. The bill takes effect immediately upon passage.