It's not becuase of interest rates (or section 174 or H1Bs or whatever boogeyman you want)

Microsoft, Amazon, and other firms have been steadily moving out of Seattle for the past several years - first doing domestic offshoring in Tier 2 metros like RTP, DMV, and Denver and after that to dramatically expanding their already significant presence in the CEE and India.

A lot of people on work visas who were impacted during the initial COVID visa issues were PMs, EMs, and other mid-level managers who when they shifted back to their home country were given P/L and product responsibilities, and as such the center of gravity has left Seattle.

On top of that, local Seattle area politicians strangled the golden goose by becoming populist tech haters - great for winning an election, but did nothing for the Seattle or Washington economy.