Lyric discussion by Monroid 

Cover art for You & I lyrics by Local Natives

I guess it is about two people who were just friends, and then suddenly his green eyes turned blue, I suppose the guy wanted this friendship to mean something more.

As he gets his expectations denied, he feels and discovers new sides of both of them he had no idea of.

And now he's lost everything, I think. So this is a song about losing a good friend out of not noticing a friendzone.

My Interpretation