Or you could provide meaningful alternatives to driving, which is my preferred solution but has a whole different set of problems (mostly zoning-related).
It's not enough. Driving is always the better option for an individual, even in cities with great public transport, so you need a bit of stick as well as the carrot.
I hear takes like this all the time but it's just not true. Even without high parking costs the time and frustration expenditure of driving rules out that option for a huge fraction of trips.