No, it is the correct approach. It is somewhat a zero-sum game at least in urban centers. Driving is cheap because free and cheap parking is widely available, and car speed is prioritized over other factors including pedestrian safety. Some of the huge volume of parking has to be given over to other transit modes, which will increase demand and eventually price for what remains. Urban speed limits need to be lower, pedestrians need to have more and safer ways to cross, which will also lower average speeds.

All of this will make driving less pleasant and convenient, the cost of making walking safer and easier. As it is driving is "artificially" easy, the consequence of decades of it being prioritized very highly. It needs to come down somewhat.