The other night City Hall had a meeting about fixing issues along Newark Street. I think this is one of the key areas that has the most traffic. What they need to do is fix Newark between Washington and Hudson, adding a three lanes: a left hand turn, a straight lane and a right hand turn.
If the parking is a huge issue, then they should at least create a right hand turn lane. During high traffic hours, I have been at that light waiting for pedestrians to cross and would watch traffic get blocked from it.