No, let's be honest about the cause of it: it's because they want their housing value to keep going up. The parade of excuses is much less convincing than the plain, obvious, dramatic financial incentive.
Increased density would make their property even more valuable because it would be in a more desirable place in general: more walkable (more people = more businesses in a smaller area), fewer single family homes (the ones that were removed to build higher density housing, so that = more demand for the ones that are left), better public transit, etc.
No one is saying this doesnt contribute, but my experience with NIMBYs is that its much more about keeping things the same because they like the way they are now than it is about pumping their homes value.