I'm more concerned with the fate of the multitude of half-built apartments, and their astronomical rents.
Will that large apartment complex down the street (in upper Rainier Valley) stil be able to charge $1,800 per month for that 600 square foot studio? (Parking is extra.)
The Pike-Pine corridor is high profile enough that some businesses will occupy those spaces, even at the cost of a tax write-off.
In the less trendy areas of Seattle, that's where I expect to see the real damage.