Do I detect some concern in your question, Chuck? I'm a bit concerned too. Seattle is attracting builders from Texas, Michigan, California, Japan, and now Australia. It may or may not be a good sign that we're attracting builders from distant countries. I believe it is a reflection of a misguided city housing policy that is stimulating development at a time when we have a glut of unsold inventory and a large number of foreclosed homes which will be hitting the market in the next 12 months.
Seattle offers a number of lucrative incentives, including no required off-street parking, Incentive Zoning, and the Multi-family Tax Exempt program. Most new construction qualifies for one or more city incentives. The incentives must be lucrative to attract builders from places like Japan and Australia.