That's it. I believe, like in any market the top earners, who are hard to get and hurt when they go will continue to get high pay. Since even if you include the world (and most jobs don't, they include some timezones, jurisdictions only) the market is still rather small.
But if you're just the average developer, like most of us really are - the higher competition will surely make it harder to negotiate higher pay.
But if you're just the average developer, like most of us really are - the higher competition will surely make it harder to negotiate higher pay.