I have a Nexus 4, and I keep having to return it because of its red light of death. I usually am able to get back on my other phones with the same problem, but the new one I received just doesn't turn on with the red light incident. I was holding the power button for 10 seconds and the red light appeared and it was blinking. I had the same problems with my other returned phones, but this phone's light would disappear when I released my finger from the power button.
Normally, that red blinking light on a Nexus 4 means it's not getting enough power (the battery isn't charging, or is undercharged).
Try charging your phone overnight with a 2A charger.