Here's the thing - if I can't easily park somewhere, I won't go there. There is no public transit, but even if there was, I am not going to use it if it's anything like the NYC subway. You have to solve the problem of mentally ill people causing problems on the public transit, socially ill people blasting music from a bluetooth speaker, etc before anyone I know would ever consider using the public transit. It's just so much less pleasant than driving.

In effect, reducing parking reduces economic activity. Even if you increase public transit use, those users are overwhelmingly poor and don't contribute greatly to the economic activity where they go.