It's a good thing because while land prices rise with density, rent prices will decrease as housing stock increases. If your neighbor sells his house and it gets replaced with condos, then more people will be able to live there.

Maybe it's counterintuitive to you, but dense housing is actually better for traffic congestion as people are better able to live near the places they need to go, instead of having vast swaths of suburbs a la Los Angeles.

Suburban living causes traffic congestion and parking problems.