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

S 2974 reduces parking space requirements for new residential developments in New Jersey based on proximity to public transportation. It mandates a 20% reduction for projects ½ to 1 mile from transit, 30% for ¼ to ½ mile, and 50% for developments within ¼ mile of transit stations, bus routes (with 5+ regular routes or 15+ bus stops), or ferry terminals. The bill directly affects residential developers by lowering mandated parking spaces in areas near public transportation infrastructure. It amends statewide site improvement standards to prioritize transit accessibility over parking capacity. The changes take effect immediately upon passage.