PUBLIC TESTIMONY
Testimony by Matthew Murphy, Executive Director of NYU Furman Center on City of Yes for Housing Opportunity
0:17:52
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124 sec
Matthew Murphy, representing the NYU Furman Center, testifies in support of the City of Yes for Housing Opportunity proposal. He presents data on New York City's severe housing shortage, highlighting the low vacancy rate, rising property values, and the inequitable distribution of housing growth across the city.
- Murphy emphasizes that increasing both affordable and market-rate housing can alleviate costs and benefit households across income levels.
- He outlines how the City of Yes proposal addresses housing issues by reducing development costs, removing minimum parking requirements, and encouraging density increases tied to affordability.
- Murphy stresses the importance of ensuring the proposal remains financially feasible for development at the time of passage.
Matthew Murphy
0:17:52
Chair Riley and members of the committee.
0:17:53
Thank you for the opportunity for me testified today.
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My name is Matt Murphy, and I represent the NYU Firmen Center.
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New York City is facing a severe housing shortage.
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Over the decades, demand for housing has far outpaced available supply.
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As of 2023, the city's vacancy rate was just 1.4%.
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Far below the 7% that economists estimate is needed for fair housing markets with more choice.
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In Brooklyn, as one example, property values have increased by 279% since the year 2000.
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Much faster than wages and inflation.
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Today, more than half of renter households are cost burden with 30% paying over half of their income on rent.
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This forces families to sacrifice essentials like healthcare, education, and savings.
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Housing growth has been inequitable across the city.
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Between 2010 2020, just 5 sub borough areas accounted for 40% of all new housing development.
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Low density neighborhoods which cover 44% of the city's residential land, house 28% of our population.
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These areas added housing at half the rate of the city overall.
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They also contributed just 9% of the city's new low income housing in that decade.
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Some districts produced no new multifamily housing at all, much less any affordable housing.
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Research consistently shows that increasing both affordable and market rate housing alleviates costs.
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Adding housing slows rent growth reduces competition for older, lower cost units and allows more affordable homes to become available as people move into newly built properties.
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This benefits households across income levels.
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City of Yes addresses these issues by reducing construction and development costs, makes residential development more feasible, removes parking requirements, minimum parking requirements, encourages modest density increases that are tied to affordability, converts obsolete office buildings to housing, promotes accessory dwelling units, and low density neighborhoods.
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At the time of passage, it's critical that the proposal remains financially feasible for development.
0:19:54
Thank you for the opportunity to testify today.
