Isn't this basically just the UK version of an ADU law?
A typical UK terraced or semi-detached neighborhood doesn't really have the space to add coach houses in the yard, so you've gotta go up.
As such, I expect a lot of the construction that occurs under this law will not be to turn compact houses into mansions, but to add a rental unit (or two) to an existing single-family home.
Quote:
Originally Posted by JManc
Neighborhoods where homeowners were in a position to add a couple of floors are probably already well beyond the reach of most people. We are spending $50k to redo a couple of bathrooms, I can only imagine how much it would cost to add two floors to a brownstone.
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If the added space is rented out as a separate apartment/flat, that income can be used to secure a loan for the construction, assuming the financial industry is cooperative. If the financing tools are available, then there's no reason to think this will be limited to rich people only.
Banks lending on a bedsit (instead of a full apartment) is probably a stretch, but that would lend itself nicely to a "de-conversion" to a large single-family home in the future.