We went through a similar situation with airplane tickets where I live. The govt agency in charge of aviation and the airlines all wanted the free luggage requirement gone citing cost reductions. They got it, the fares didn't get any cheaper and now you have to pay extra.
I really don't see the 17% reduction in space required for parking being passed onto buyers. People will continue to demand 1-2 parking spots because that's a high cost area and people buying there don't care that much about that discount, if that even happens.
Then why are you commenting?
The parent of your post was correct in saying "required", as in legally required for that zoning.
After you subtract the required parking spots, setbacks, sidewalks, driveways then what you're left with is a few super-expensive townhouses in most of LA or the project gets cancelled.
There's a reason for this.
As a result of the fact that new construction is required to have 1-2 parking spots, developers need to put in a lot of parking. And because they need to put in a lot of parking, they need to be expensive. And because they need to be expensive, they might as well be luxury apartments. As a result of all this, all new construction is luxury apartments.
The biggest impact that lifting this requirement will have is that it will increase the amount of affordable housing.