The extent of my pizza knowledge is that it’s delicious and I love to eat it. But there’s also this New York economics idea called the “pizza principle”. In a normal functioning economy, a slice of cheese pizza will always be the same price as a subway ride. Since 1980, it’s actually been fairly accurate—rises in pizza prices have indeed been able to predict price hikes in public transit.
Until now, that is.
Prices for plain slices are now $3.14 throughout NYC while subway fares are frozen at $2.75. Inflation has hit pizzerias particularly hard at a faster than usual pace with soaring gas bills (gotta keep those pizza ovens running), much pricier ingredients, and major hikes in labor costs.
And it’s having a real impact on people’s wallets. And stomachs, which let's be real, is the biggest tragedy of all.
All things real estate.