I'm sorry, but this is a really poor way to look at things.

First of all, while I appreciate that you're unhappy about having to pay a lot of rent to live in New York, I don't think it's really fair to make ad hominem attacks on a (pretty diverse) group of people you know nothing about.

Second of all, the reason that it's expensive to live in New York basically boils down to the fact that a lot of people want to live there. As you pointed out, talented people flock to the city and are a key ingredient of the incredibly rich economic substrate - but there's also the cultural opportunities, schools, social scene, etc etc. Of course, all of these things are interlinked and reinforce one another - but at the end of the day, the price of housing is dictated by supply and demand.

Thirdly, real estate developers are entrepreneurs, too - they typically take on huge risks over long periods of time to create actual products that are (hopefully) incredibly valuable for their customers. I'd argue that housing is a lot more important to most folks than another social media app or whatever.

Finally, in the case of property owners (not developers), they're simply holding onto an asset and trying to optimize their returns. I don't see how this is morally objectionable as long as they don't do anything underhanded (which certainly does happen). But at the end of the day, they're simply trying to ask for however much money people are willing to pay for their products.