This fits the strict definition of "conspiracy theory" -- a theory that a group of people are working together in secret (or "conspiring") to achieve a specific goal.

You're attempting to apply a connotation -- that the theory is unfounded -- that is usually associated with the term, but not definitive. This is particularly troubling in the face of the evidence presented.

I believe that, in modern English parlance, the idea that the theory is unfounded is the primary meaning. I doubt the strict definition was ever considered here.

Any further explanation how it’s conspiracy theory?

Those of us that rent, or have rented, have direct experience with rent hikes far exceeding cost-of-living increases and/or inflation. I am in a much better situation now, but previously rented a location that went from 740/mo to 1100/mo over the course of two years. This was pre-pandemic in 2012 - 2014 and coincided with similar rent increases across the city.

It is a theory alleging a conspiracy. What part of that needs further explanation?