This will only make finding parking worse in areas where parking spaces are already scarce.
Operating car parks is an extremely profitable business. So long as you own land and can afford to put tarmac on it, do the admin and employ some wardens; and so long as people are willing to park there, you will make a profit. This bill cuts those profits but it'd still be a profitable business and people will still operate car parks where there is demand for it.
It's an extremely profitable business because of the fees charged. And in many cities, parking lots and garages are not owned by large businesses, so you are harming hardworking people who are just trying to make a living in places that are already hard to do that.
That argument also does nothing to address my point that when parking fees are capped at an extremely low price, you are giving more people the incentive to take their cars, leading to less available spaces.
