Explicit balanced matrix Is it possible to build an explicit $N \times N$ $0/1$-matrix with $N^{1.5}$ ones such that every $N^{0.499} \times N^{0.499}$ submatrix contains less than $N^{0.501}$ ones?

Or probably it is possible to build an explicit hitting set for such property.

It is easy to see that random matrix has this property with probability exponentially close to $1$. Also, expander mixing lemma is not sufficient to derive this property.

I guess pseudorandom generators that fool combinatorial rectangles could help here, but they are designed for uniform distributions and I basically need $B(N^2, N^{-0.5})$ here.
What you are looking for is a one-bit extractor for two independent sources: a function $E:[N]\times [N]\to \{0,1\}$, such that, provided X,Y are random variables with min-entropy 0.499*log(N), E(X,Y) is almost balanced. 

It's a notorious hard problem. For the parameters you want, I believe it was solved by Bourgain. See here:
http://www.cs.washington.edu/homes/anuprao/pubs/bourgain.pdf