I think his point, was that people are spending above their income on luxuries, not the cost of living.
Above their income - he's assuming young couples with fancy rental cars and other trappings of a luxury vacation - don't have the income needed to blow that kind of money when a simpler version of the vacation would do.
If he lives high on the hog - wine parties, Uber eats, etc - as long as he can afford it, he's not being hypocritical.
He's calling attention to those keeping up with the Cohens. It seems to worry, alarm and perhaps disgust him.
edit: He just said as much as I posted this.