If landlords are able to raise rents that much, it’s because there is a shortage of housing units. There really isn’t “lots of new luxury buildings.” There are a handful of true luxury apartments and another handful of new construction apartments that have opened recently, but as a percentage of total housing inventory, it’s nothing, not enough to keep rents down.

What you described is a direct result of the city not allowing enough housing, there is an under supply. The city could 1. upzone the more desirable neighborhoods, especially those walking distance to transit .which would permit more housing units on a given parcel 2. Remove burdensome parking minimums and zoning overlays.