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TESTIMONY

Molly Anderson from Low Income Investment Fund on support for City of Yes for Housing Opportunity proposal

9:55:54

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3 min

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Molly Anderson, Deputy Director of the Low Income Investment Fund (LIIF), expresses strong support for the City of Yes for Housing Opportunity proposal and urges approval of the zoning reforms to address New York City's severe housing and affordability crisis. She highlights LIIF's role in funding affordable housing projects and emphasizes the need for citywide action to create more housing across all neighborhoods.

LIIF has deployed over $3.2 billion to serve more than 2.5 million people in communities across the country, including $65 million for affordable housing projects in New York City in the past year.
Anderson cites alarming statistics, including a 1.4% vacancy rate and 43% of NYC households being rent-burdened, with disproportionate impacts on Black and Latino families.
She argues that the City of Yes for Housing Opportunity proposal is crucial for creating a fair, more inclusive city and addressing the net loss of affordable housing units.

Strong support for City of Yes for Housing Opportunity proposal
New York City is experiencing a severe housing and affordability crisis
Existing housing policies are unsustainable
The affordability crisis disproportionately impacts Black and Latino families
Some neighborhoods have opted out of adding new housing, perpetuating exclusionary zoning policies
Net loss of affordable housing units in recent years
City of Yes for Housing Opportunity is a vital step towards addressing housing issues
Need for citywide zoning reforms to allow more housing to be built across all neighborhoods
Building more housing is necessary for a fair and inclusive city

[EXPERIMENTAL]

Which elements of City of Yes for Housing Opportunity were discussed in this testimony?

I was not able to tie quotes from the testimony back to specific elements of the proposal. Check out another testimony here.

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You can search for testimonies that mentioned a specific element in the table on the main meeting page.

When an element is explicitly stated in the testimony (e.g. "Universal Affordability Preference" or "UAP"), the analysis is accurate.

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↗ Why are there transcription and diarization errors?

Molly Anderson

9:55:54

Good evening.

9:55:55

My name is Molly Anderson.

9:55:57

I am a Deputy Director with the Low Income Investment Fund.

9:56:00

A National Community Development Finance Institution.

9:56:03

I am here today to express Lyft's strong support for the city of yes for housing opportunity proposal and to urge you to vote in favor of these critical zoning reforms that will allow for the creation of more housing in our neighborhoods.

9:56:16

As an S and P rated organization, Lyft funds healthy communities by providing innovative capital solutions.

9:56:22

Since 1984, we have deployed more than $3,200,000,000 to serve more than 2,500,000 people in communities across the country.

9:56:31

In the past year, Lyft provided over $65,000,000 for the acquisition and pre development of 5 projects across the city, which will create or preserve over 1200 units of affordable housing.

9:56:43

As a long standing community development partner, Lyft recognizes that this is a critical moment and there's far more work to be done.

9:56:50

New York City is experiencing a severe and growing housing and affordability crisis with a vacancy rate of only 1.4% the lowest in 56 years and approximately 43% of New York City households being rent burdened.

9:57:03

It is clear that our existing housing policies are unsustainable.

9:57:07

Rent burden families are forced to spend more than 30% of their income on rent alone leaving little room for other essential needs.

9:57:14

In 2020, Lyft redefined its mission to focus on mobilizing capital by putting racial equity at the center of our investments.

9:57:21

This includes driving $5,000,000,000 in investments over the next decade to advance racial equity.

9:57:27

The affordability crisis has one of the most disproportionate impact on Black and families.

9:57:32

Data from the New York City Housing And Vacancy Survey indicates the Black and Latino renters are more likely to pay more than 50% of their income on rent making them more susceptible to eviction for arrears.

9:57:44

For far too long, some neighborhoods have opted out of adding new housing perpetuating exclusionary zoning policies.

9:57:51

In the last year, 10 community districts produced as much new housing as the remaining 49 community districts combined.

9:57:58

Since 2021, New York City has added 275,000 units of households, but only 60,000 units of affordable housing.

9:58:07

During the same period, it is estimated that the city lost around 100,000 affordable housing units, primarily due to expiring affordability restrictions rent deregulation and conversions to market rate units.

9:58:18

This net loss of affordable units is unacceptable and unsustainable highlighting the urgent need for citywide action.

9:58:25

The city of Yes for Housing Opportunity is a vital step towards addressing these issues by implementing citywide zoning reforms that will allow for more housing to be built across all neighborhoods.

9:58:35

We must build more housing if we want a fair, more inclusive city.

9:58:39

The city of yes for housing opportunity is a crucial step towards creating a city where everyone belongs.

9:58:45

Lyft urges you to support this proposal and vote for vote in favor of us stepping up in on behalf of New Yorkers who wanna contribute reach to our city.

9:58:54

Thank you for your consideration.

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