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This is less accurate as most recent residences built in NYC are "luxury" and not affordable.
That's irrelevant because net increases to supply still move toward closing the supply/demand gap, and people further down the chain just move into vacated homes as people move into the new ones.
Yeah, that's not happening. Those prices also go up. That's because the invisible hand isn't invisible. It's greedy landlords jacking up rents.
Your theory is cute but it doesn't match reality.
It's not happening because demand still outstrips supply by a huge amount. What is happening when building occurs is a mitigation of cost increases, but the production is not not enough to lower costs .
The thing about supply and demand is that it exists even if you don't like it.
Because owners aren't selling their property, and why would they when they can keep it and rent it out either monthly or daily on ABNB?