Scarcity is a term that is relative to demand. If you have a trillion widgets, but a quadrillion customers desperately want them, you still have a major scarcit

Scarcity is a term that is relative to demand. If you have a trillion widgets, but a quadrillion customers desperately want them, you still have a major scarcity. Not all of the land in cities is desirable. Parts of Manhattan are clearly far more desirable than others. And the people who want these prime locations far outnumber the availability of them. Not everyone can own a lot in Times Square, etc.