No two-family dwelling hereafter erected or altered shall occupy a ground area of less than 1,400 square feet, exclusive of porches and garages, where all living spaces are located on one floor, and not less than 700 square feet per floor where living spaces are equally divided on two floors. To constitute a second floor containing 700 square feet, 75% of the floor area shall have a ceiling height of not less than seven feet six (7'6") inches. Finished living spaces in basements or attics shall not constitute any part of the required area. The above requirements shall apply to any proposed alteration of a one-family dwelling to a two-family dwelling.