Originally Posted By: DoubleWasp
It's not the people who are the problem. It's the [censored] developers. They buy up land in very mediocre or sometimes disgusting parts of a certain area, and then hire their marketeers to push their development on people too stupid to know what's really going on in the area (people out of state).
Then, either the developer begins killing anything his potential customers don't like, or the developer just leaves them to get rid of the problems themselves.
But the people actually are the problem, in that even in this age of information, they will still move into an area without doing any proper due diligence.
The truthfulness of this post really played out with hurricane Harvey in Houston last Summer. Developers built many high dollar homes on tracts of land that they knew were prone to severe flooding. And like you said, most were sold to out of state buyers who had no knowledge of Houston's low ground, and potential flooding issues. Harvey put a lot of real estate under water that never should have been built. Now, even after the waters have all receded, and these properties rebuilt, they are going to take a bath on their value. Many won't be able to get any type of flood insurance at all. And that will make them all but worthless and unsellable.