Any lot in a single ownership which ownership was of record at the time of the effective date hereof that does not meet the requirements of this title for yards, courts or other areas of open space may be utilized for single residence purposes, provided the requirements for such yard or court area, width, depth or open space is within seventy five percent (75%) of that required by the terms of this title. The purpose of this provision is to permit utilization of recorded lots which lack adequate width or depth as long as reasonable living standards can be provided. (1968 Code ch. 12)