Agree! It's also the densification of urban areas. Where once each occupant had a private office, now 5-6 SW engineers occupy the same office space footprint. That has implications for already dense urban office and associated housing needs.
The long-term trend in urban housing is diffusion, not densification. One hundred years ago a family of five lived in an apartment now occupied by a couple.
I was surprised to learn that the population (and density) of Manhattan was higher 100 years ago than it is today. It's been falling pretty steadily throughout the entire 1900s.