The rectangle with vertices $(-1, y), (7, y), (-1, 3)$, and $(7, 3)$ has an area of 72 square units, and $y$ is positive. What is the value of $y$?
First we write the rectangle's side lengths in terms of the coordinates provided. The length is $7-(-1)=8$ and the height is $y-3.$ It follows that $8(y-3)=72,$ and $y=\boxed{12}.$ [asy]
import graph;
size(4cm);
defaultpen(linewidth(0.7)+fontsize(10));
dotfactor=4;
xaxis(Arrows(4));
yaxis(ymin=-2,Arrows(4));
pair A=(-1,12), B=(7,12), C=(-1,3), D=(7,3);
pair[] dots = {A,B,C,D};
dot(dots);
draw(A--B--D--C--cycle);
label("$8$",(A+B)/2,N);
label("$y-3$",(B+D)/2,E);
[/asy]