You can use something like:
saveFavorButton.attachPress(function() {
var myFavorites1 = new sap.ui.commons.Link("myfav1",{
text: favInput.getValue()
});
//now you just need to add the new control to your view
});
but a better way would be to create a (JSON) model which you then bind to your TextField, and which you can then grow and/or shrink to cater for more favourites to be stored