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

This bill requires New Jersey to reduce the number of parking spaces needed for new residential developments based on how close they are to public transportation. Developments located within a quarter-mile of transit services would need 50% fewer parking spots, while those between a quarter-mile and half-mile would need 30% fewer, and those between half-mile and one mile would need 20% fewer. The changes apply to on- and off-street parking and specifically target areas near rail, bus routes, or ferry terminals. The Commissioner of Community Affairs must update the state's building standards to reflect these new requirements.