Many parameter-efficient methods generate the parameters of a large neural network from a low-dimensional latent representation. Given an architecture
Φ with
PΦ parameter slots, we write
θf=G(ξf), where
G:RM→RPΦ is a parameter generator and
ξf∈RM is a latent representation of the target function
f. The architecture
Φ and the generator
G are shared across the entire target class, while each target
f is represented by its own latent vector
ξf, with
ΦG(ξf) approximating
f. This framework encompasses hypernetworks, low-dimensional parameterizations, parameter-efficient adaptation, and model compression. Understanding the tradeoff between the latent dimension
M and the network budget
P is therefore fundamental to characterizing the expressive efficiency of these methods. We study this tradeoff for affine generators and fully connected ReLU architectures. More precisely, optimizing jointly over architectures
Φ satisfying
PΦ≤P and affine generators
G:RM→RPΦ, we prove that the optimal worst-case uniform approximation error over the unit ball of
α-Hölder functions on
[0,1]d, where
0<α≤1, has the sharp order
(Pmin{M,P})−α/d. In particular, our result shows that even a fixed-dimensional latent space suffices to achieve vanishing approximation error as the network budget increases.