I don't have enough context to know if it's enough or how much better we could be doing, but there actually are a lot of new housing projects in progress, and new ones getting started all the time. So we're doing better than the Bay at least.
But mostly they're coming from lots that were previously either parking lots or low-earning commercial property (for example, the McDonalds on Madison and Minor just got torn down a few weeks ago for a new apartment complex). Eventually those will run out and the only thing left will be to cannibalize Seattle's large and very unhelpful supply of low-density single-family housing. That's when the real problems and political fights are going to start, if the real estate market hasn't cooled off by then.
The problem with much of the single family housing is that it's fully packed in already as defined by the zoning laws. If they could build up, they would do it in a heartbeat.
But mostly they're coming from lots that were previously either parking lots or low-earning commercial property (for example, the McDonalds on Madison and Minor just got torn down a few weeks ago for a new apartment complex). Eventually those will run out and the only thing left will be to cannibalize Seattle's large and very unhelpful supply of low-density single-family housing. That's when the real problems and political fights are going to start, if the real estate market hasn't cooled off by then.