I am fortunate in that my current apartment has lots of space, and that I can afford that space. But if I lived in New York or London or Hong Kong, I wouldn't be able to. I'd be stuck in a tiny apartment, and paying 3 to 5 times the rent I pay now for 1/3 to 1/5 of the space.
So I just *love* this Hong Kong's architect's approach to the problem. He has invented a creative way to transform a 300-square-foot apartment into 24 different rooms. Neat. Literally. http://www.youtube.com/watch?v=Lg9qnWg9kak