They haven't raised rents because they are in competition with other landlords. If all landlords' costs go up (e.g. taxes) then all landlords will raise rents to maintain the same previously optimal profit margin they were extracting.
To put it another way, why not raise taxes to $1M/sq.ft.? $1B/sq.ft.? If if were true that it wouldn't be passed on to tenants then you've found the magic money tree.
To put it another way, why not raise taxes to $1M/sq.ft.? $1B/sq.ft.? If if were true that it wouldn't be passed on to tenants then you've found the magic money tree.