The problem with that logic is this is a residential area. Getting people out of cars and into cycling is great and reduces how often cars are needed. All good things, but probably not enough to eliminate the need for cars.
When I lived downtown, I was able to walk or take the train almost everywhere. But there were always a few remaining things where I needed a car. It was great having the option to rarely use a car but I wasn’t able to get away from the need to have one. It greatly reduced how often I used a car but did not at all rescue that I needed a parking spot
Assuming this is residential and the spots were needed, we’d be better off finding a long term storage solution for cars, an alternate location for vehicles that are needed but rarely used
But I’ll agree with your logic if this is mostly retail