PUBLIC TESTIMONY
Testimony by Emily Eisner, Economist at Fiscal Policy Institute
11:08:54
·
117 sec
Emily Eisner, an economist from the Fiscal Policy Institute, testified in support of the City of Yes plan and increased investment in affordable housing. She emphasized the need for both zoning reform and fiscal support to address the housing affordability crisis in New York City.
- Presented research showing 36% of households leaving New York are seeking more affordable housing, with highest outmigration rates among those earning $30,000-$100,000 annually.
- Highlighted the city's financial capacity to invest in affordability, citing budget surpluses and projected revenue increases.
- Argued that combining City of Yes with deep fiscal investments in affordability would help end the crisis and stimulate economic activity.
Emily Eisner
11:08:54
Hi.
11:08:54
My name is Emily Eisner, and I'm a PhD economist that works at the fiscal policy institute, a nonprofit policy research organization committed to sound and equitable fiscal policy.
11:09:06
That strengthens the state and city economy.
11:09:09
I'm testifying in support of the city of yes plan and in support of increased investment in affordable housing.
11:09:16
These two sets of policies zoning reform and fiscal support for housing affordability work together.
11:09:22
In our research, the fiscal policy institute found that 36% of the households leaving the state of New York are moving in search of more affordable housing.
11:09:32
The highest rates of outmigration are seen by those making between 30,000 and a 100,000 in annual household income, not by the wealthy.
11:09:41
The economic literature is clear that we must build more housing to be able to support these households and allow them to stay and thrive.
11:09:49
Affordability policies are important complementary policies alongside the zoning reforms in city of yes.
11:09:56
We need both and the city can afford these investments.
11:09:59
The fiscal year 2023 adopted budget projected a $4,200,000,000 gap in fiscal year 2024 However, the year ended with a $4,400,000,000 surplus.
11:10:11
That's an example of the money that we have and and are not measuring.
11:10:17
The independent budget office expects out year revenue to exceed projections by an average of $1,700,000,000 each year.
11:10:24
Moreover, the city includes $1,500,000,000 a year in in year reserves.
11:10:31
This funding is available to support investments and affordability.
11:10:36
City of Yes, paired with deep physical investments, and affordability will be will contribute to ending the affordability crisis and will spark new economic activity.
11:10:45
You will make it possible for people who want to live in New York to continue thriving and contributing to the city.
11:10:49
Thank you for your time.
