Back to the Ten Blocks podcast. This is Brian Anderson, the editor of City Journal.

Joining me on the show today is Nicole Jeline. She's been on the show a number of times. She's a senior fellow at the Manhattan Institute,

a contributing editor of City Journal, and a consummate expert on all things New York. Today we're

going to discuss her brilliant article in the new print issue of the magazine.

It's called Inflation and the City.

And we'll talk a bit about the state of New York generally, or the state of New York City.

Nicole, as always, thanks very much for joining us.

Thank you for having me, Brian.

Happy to come on.

New York thinks of itself. I think it's fair to say, as a world unto its own, but the city's not immune to broader trends, including inflation, which is obviously much in the

news these days.

Everything from food to rent prices has become more

and more expensive in recent months. In some cases, in the city at a faster rate than the national

average. And as you note in this story, inflation will affect New York in some very specific

and, you know and potentially damaging ways.

So the city's highly exposed to trouble in the financial sector.

Inflation has historically not been a good thing for Wall Street.

So what would a sustained spike in inflation do to that part of the city's economy?

And what would be the consequences for the city?

Yeah, you're right that the city faces several impacts from high inflation.

You know, inflation is running 8.5% compared to last year, and it has been above 8% for at least

three months running now. So clearly a sustained trend of higher inflation, something that we haven't

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