I'm too lazy to look up numbers for the Kintex-7 part in question, but I'm almost certain you're wrong on this. A block RAM is a big chunk of die, and there are comparatively few of them to go around. A LUT is a tiny object (comparable in computation power to 10-50 dedicated transistors) and there are hundreds of thousands of them on the FPGA.
I'm willing to bet lots that 4/n_block_ram > 308/n_lut.