Everyone knows that it's risky to build large tracts of homes beside flood-prone rivers but developers and local governments, especially in the fast-growing Sacramento area, are continuing to do it with little regard for the potential consequences--because financially and legally, they are protected from the consequences. As long as the subdivisions comply with very outdated federal floodplain maps, or the promoters have obtained some sort of exemption from the Army Corps of Engineers, there are no restrictions or flood insurance requirements. And under a recent state appellate court decision, if a levee fails and nearby homes are flooded, the State...