And the temptation is to maximise "land space" which means less light to the platforms.
Other than New Street can you give examples of (ideally recent) developments which resulted in significantly darker platforms.
I can give one that didn't really have a noticeable effect, that being the bridge over Reading station. It has maximised pedestrian flow and retail outlets and even if it had been several stories higher hasn't had a noticeable impact on platform lighting levels. In fact for the lowest numbered through platform (I think 7) it feels lighter than it was.
It's also worth noting that it's been suggested that Waterloo will be a bit of an engineering problem to place a full raft over (hinted at by me and confirmed by Tio Terry). As such although it's something that could happen I would expect that it's likely to happen between Crossrail 2 opening and a major recast of the SWML services. As it would allow parts of the station to be closed to allow significant rebuilding without impacting on services.
Even then the desire to increase services would likely limit the works to a few years.
As others have suggested a total rebuild of the lower numbered platforms with a low level concourse running the length of the platforms and the platforms extended into the existing concourse. This would enable multiple access points to these platforms along their length reducing the capacity constraint of the escalators up next to McDonald's. As many passengers would just continue on at grade before going up to their required platform. Whilst those heading to the mid numbered platforms could do so via a couple of escalators running perpendicular to the platforms (like those to Waterloo East). As others have suggested this could allow the taxis to be provided for at a lower level freeing up the land between the station and the properties on Lower Marsh Road (up to 20m wide) to provide space for a high rise development without oversailing any of the platforms.
If time allows then this would be repeated along the width of the station with there ending up being three levels. An much expanded level under the platforms (linking the two underground barrier areas), a more compact existing main concourse and then the current mezzanine area and link to Waterloo East.
In doing so it would remove the week point in the construction, that being the brink arches and allow a properly engineered structure which could then allow some extra development over posts of the station. However if these are limited to the North East and North West (the International platforms and the existing concourse areas) then the impact on lighting levels are likely to be unaffected. Even by building over Cab Road to the South East the lighting levels aren't likely to be reduced by much for much of the day and/or for much of the station.
However if there was a two or three storey glass atrium occupying the current Cab Road level to the top of the existing station roof which removed the solid flank wall of the station it could even allow more light into the station area. This area could be occupied with cafes/food court with significant seating and waiting areas. As well as areas of planting and water features to help regulate temperatures during the summer as well as providing a pleasant area to wait or just somewhere where people could meet to do business.
Rising above this, and the other mostly non platform development areas, could then be several storeys of development. Potential a mix of office, residential, lesure and hotel.
By limiting the areas of shadow to areas mostly away from the platforms the station would keep much of its current light and airy feel. It could do this whilst still providing a significant area of development without needing the significat cost of a massive raft over the whole station area. Even if such a raft was able to be provided without impacting on passenger flows, you couldn't build on all of it as the buildings would be far too wide.
Once buildings start to be more than 10m deep and the lack of natural light can start to become a problem depending on which way the windows face and how high the ceilings are. With most buildings being less than 20m deep and those that are more tend to have big cores (stairs and lifts) occupying much of the middle which don't need natural light as you spend so little time there and/or large lightwells to provide natural light into the centre of the building.