Developers do build in places where they shouldn't -- but let's face it, New Orleans, San Francisco and quite a few other places were built long before there was such a thing as a "developer."
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"...they build in flood plains..." Hasn't been legal up here since Hurricane Hazel blew through in 1954.
"...intelligence of the average home buyer..." More about the excitement of buying a house. Kind of like your first car. And all of California is an unstable cliff. snicker.