Up Close: NYC rent soars as pandemic worries ease; Sneak-peek at Macy's fireworks show

NEW YORK CITY (WABC) -- In this episode of Up Close, we take a look at the New York City economy as apartment rents soar again with more people returning to the city.

The most important municipal economy in the country is in a difficult situation.

As people start to move back, it's more expensive to buy, especially with interest rates rising. But if people aren't buying, prices will drop.

We talk to New York City Comptroller Brad Lander about the financial status of the city and the impact the downtown on Wall Street will have on its finances.

Plus, the biggest fireworks show in the country, the Macy's 46th annual Fourth of July Fireworks Spectacular, returns Monday, in what figures to be one of the most ambitious shows in years.

Will Cross, Executive Producer of Macy's Branded Entertainment, joins Up Close to tell us about this year's show.

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Up Close with Bill Ritter airs Sunday mornings at 11:00 on Channel 7.