That said, we might as well remove this regulation requiring parking if the market will dictate a similar level of parking anyway. I simply think this type of change would see a greater impact in neighborhoods in which car ownership levels are lower.
The real area of focus for reducing traffic and vehicle usage should be the San Fernando Valley corridors (Sepulveda/405, the 5, and the 101 to San Gabriel Valley). Iirc from a recent report on KPCC there's like 600k daily commuters between the valley and the southland, and another 700k between the valley and San Gabriel Valley.
We have one metro stop in the SFV, which serves the 3 million residents. It's no wonder it's surrounded by a massive parking lot, and most commuters don't use it anyway.
Combined with the rise of rideshare and rentals etc, large parking garages are becoming obsolete.
The only problem is that most people don't have a reason to go there. The streets are usually empty aside from the homeless encampments.
The only reasons I've ever had to go to DTLA was to attend a conference and some games at the Staples Center. It's a cultural and recreational wasteland compared to the rest of the city.