Cheap if you're making $300k at Amazon.
I don't know, though ... it looks like you're lucky to make $100K working at Amazon, and if you're senior you might get into the $150K range. $300K would probably be the top ... 1%? of employees there?
It's possible that the race to raise rents has manage to exceed the ability of people to pay, so yeah, Seattle is going to see a course correction. But certainly the drive to suddenly provide rental units was fueled by the perception that the ROI for rental property exceeded that for condos. I'm sure there's a complicated interaction going on here that can, of course, be adequately described the simplistic macro-economic "Supply-Demand" curve.