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