> There are numerous known exceptions to simplistic supply/demand arguments, including Giffen goods, Veblen status, lack of insight on either side, information arbitrage, and so on.

> It's not impossible some of them apply to city housing markets.

If you think there is such effects you should make the case, rather than hint that they might exist.

> Supply and demand storytelling doesn't even begin to come close to providing a useful model of that network.

I think 95% of economists would take issue with that statement