Rather than think of it as insufficient supply, why not think of it as excessive demand? If there is a trend across the developed world of moving into city core

Rather than think of it as insufficient supply, why not think of it as excessive demand? If there is a trend across the developed world of moving into city cores and working high-paying jobs, then it seems that demand is more at fault. These are very old cities with entrenched interests, do they have the political quickness to respond to these demand trends?