I believe the particular error you mention is fixable by changing that line as follows
PostPositionListener = addlistener(hFig,'SizeChanged',...
@(o,e) localPostPositionListener(o,e,imAxes) );
See also the following thread in MATLAB Answers,
However, I'm afraid that even after fixing that, I am finding further problems running TextZoomable in R2014b. In particular, the following lines use undocumented functions findpackage and findclass,
hgp = findpackage('hg');
axesC = findclass(hgp,'axes');
whose behavior has changed somehow.