Well... yes, it's the Gentrification V.2.0.
What was once inhabited by the lower then low is "gentrified" by the middle-class, and nobody cares, and it's OK.
What's happening now is that the middle class is "gentrified and outsted" by the upper class, and they don't like it when, what it's done to them is what they did to others. Yes, NYC is either rent-control or luxury; the few somewhat affordable units need not to be advertised, and once leased, the tenants don't leave. Give it enough time and those affordable buildings will also become luxury.
The US is the #1 capitalist country in the world, and NYC is the epicenter of capitalism; this ain't a communist country.
Mind you, I am not a millionaire, but I am a realist and I believe in capitalism as the most fair of all systems because it rewards talent and competence. I am paying a lot of money for a relatively small place, and it's OK. give it 5-10 years and my building too will be a "luxury" building and - if my income remains the same - I won't be able to afford it.
If you want affordability, move to Montana; but Montana ain't NYC!