If you have good options, you could give up. Or if you're unsure, you could just wait. The good news about the shortage is that you can still get good money on Kijiji/Craiglist for the Nexus 4, so it's not as if you'll lose money once you actually do get it but decide to get rid of it.
Personally though, I just gave up and got a different (better) phone, since my carrier had a good deal on a flagship Motorola LTE phone just before Xmas. I got the phone for $50 on a really well-priced contract.
I actually had the Nexus 4 on order for 6 weeks (from the second round of availability) before they finally allowed the phone cancellation. Never actually got the phone in hand after 7 weeks.