It may be even more pronounced in true international luxury markets like Paris, Venice, HK, Cote d'Azur, Tokyo, Greece, Etc. Seems like it is.
But right 'here' in my own bicoastal hometowns - nyc and l.a., perhaps not quite the same category as those above and other world locations - it's been plenty crazypants and for awhile now.

The YOY pricing increases in these two US 'capitols' are staggering enough, but what really startles me is the seemingly neverending spawn of new luxury/upscale product.
Pens, Dorchs, MO's, Rosewood's, even Aman and Maybourne entering the fray.
FS's and RC's all over the joint, choose your neighborhood.
And yet someone - someone very smart, i'd have to assume - still finances additional WA's (BH), RC's (Nomad), Fouquets/Barrieres, Baccarats, to say nothing of 'upscale' brands like Nobu, Thompson, Proper, Editions, 1's.... Or independent properties like Greenwich Hotel, The Mark, L'ermitage, The London, 5th Ave Hotel, etc.
These types of places (luxury or upscale) almost NEVER close, and rarely go down in price. They just get substantial investment and/or new ownership and re-opened. The re-builds/re-brands/re-do's seem to happen every 5-7 years now at some venues. The London turns into a Conrad (NY). Montage becomes a Maybourne (BH), Loews becomes Regent (SM), BHH/HBA become Dorchester..
I picture Langham execs in a conf room somewhere, wondering why they don't have a hotel in L.A., "we can't get any closer than Pasadena? we gotta get on this!". Or Bulgari in NYC. MO nearly had one in BH but ended up being residence only. Holding my breath for a Six Senses in Greenpoint or West Adams, "the new cultural center of [NY/L.A.]™"
On and on and on.

My brain knows the demand n NYC/L.A.must be outpacing the cell-dividing-every-microsecond supply, almost by definition, as demonstrated by the barbaric price increases.
But..... how? And moreover, for how long?