The time zone is an issue for synchronous things. Housing is expensive, and often poorly insulated. Apart from those, sure. Our internet is reliable, fast and fairly affordable (the ISPs don't own the lines/fibre, so there's a lot of competition). Power is good and mostly renewable (the South Island is ~100% renewable, and again, there's lots of competition).
I think there would be plenty of overlap with the US West coast for anyone willing to start their day a little early (say 6am). And of course any team in the JAPAC region would be doable.
I had a quick peak at housing prices just now though and I admit it was scarier than I imagined.
