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I think it applies to other necessities too. People can want more Coca Cola, but Coca Cola can choose to keep its price above the cost of production. This results in less Coca Cola being enjoyed, but more profits for the owners of Coca Col production.
No, I don't think Coca Cola is a necessity. But the author of the piece you shared might argue that living in an expensive city isn't a necessity either. What's your view?
These aren't expensive cities because they're particularly luxurious places to live, they're expensive because they're where the opportunities are heavily aggregated and local government intervention has prevented development from keeping pace with the growth of opportunities.
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