The average cost of rent in parts of New York has hit record highs as demand continues to outweigh supply. The Covid-19 pandemic sparked an exodus from the city and slowed residential construction but people are flocking back to the city once again. And surging inflation is further exacerbating the situation. 

CGTN's William Denselow reports from New York.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.