Android L has been ported to the Nexus 4 and it is said to be working just fine. Here are the steps if you are flashing it for the first time or if you are updating from its previous release.
- Download the ROM from here.
If you are flashing for the first time
Put the file onto your Internal Storage
Reboot into Recovery (CWM/TWRP]
"wipe data/factory reset"
"mounts and storage" -> "format system"
"advanced" -> "wipe dalvik cache"
"install zip" -> "install zip from sdcard" -> choose the mako-bla-bla-zip and confirm flashing procedure
"wipe cache"
"advanced" -> "wipe dalvik cache"
"reboot into system"
first boot may take up to 10 minutes – be patient
If you are just updating
Put the latest mako-bla-bla.zip onto your Internal Storage
Reboot into Recovery (CWM/TWRP)
"wipe cache"
"advanced" -> "wipe dalvik cache"
"install zip" -> "install zip from sdcard" -> choose the [filename.zip] and confirm flashing procedure
"wipe cache"
"advanced" -> "wipe dalvik cache"
"reboot into system"
updating procedure may take up to 10 minutes – be patient
If your home button is not working as expected, then you will have to do a full wipe in order to get it fixed.