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Find a problem - fix it - make money! Might infact pull up the prices for locals who already have seen there assets depreciate. You are right though - need for there to be water under the bridge before ethcially ok to see what can be done.

I reckon that fire danger areas are selling at huge discounts to the market. Why not buy one havily wooded house cheaply spend 10k to clear it and whack it back on the market. A nice cleared property in a semi rural suburb might just be wirth the investment.