My City of Yes testimony at City Hall

My name is Nick Felker, a resident of the Upper West Side and someone who currently rents.

The term "housing crisis" can feel abstract. What does a stat like a 1.4% vacancy rate mean? It means that many of us have come here today in support of the City of Yes, because we feel the crisis firsthand.

The economic theory is clear on the benefits of zoning reform to reduce rents.

One paper, *Do new housing units in your backyard raise your rents?* by Xiaodi Li, found that even market-rate housing in New York City push down rents for those living nearby.

ADUs, SROs, UAP, and Transit-Oriented Development are all great policies that will help our many neighborhoods do their part in the shared goal of more affordable housing.

But going beyond theory we can see this working with our eyes. Austin Texas, Minneapolis ,and even Auckland New Zealand have had successful rezonings that caused real rents to fall even as more people are able to thrive there.

What makes New York City the best city in the world is not the buildings and not the many parking lots. It's you, me, and everyone in this room.

We need more homes for the middle class and we need more affordable homes. And we can't let every affordable housing project turn into a ten year debacle like at Elizabeth Street, as this crisis keeps getting worse.

It is time for a new approach, involving every neighborhood, that is people-first. That is why I support the City of Yes in full, and I hope you vote for something bold that makes this city a world-class city for generations to come.

Thank you.

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