I am in real estate in Florida so I can only speak from my experience here. Permits are required to build ANY land improvements. PLUS the city or county (depending on the jurisdiction involved) has code enforcement agents visit the site at various building stages to VERIFY all improvements are being met all the way through the building process. I have had to stop the building process just to wait on the city code enforcement agent to come by the site and sign off the plans submitted were being followed. The first permit is STAMPED on to the building plans submitted once the city or county engineers review the plans and give it the ok to build. This project is very public and IF it was being built without the proper permits in place, the local government would shut it down. DOES ANYONE SEE THIS HAPPENING? This argument can be refuted soooooo easily it makes me laugh. ANYONE that has sold or plans to sell their shares based on this BS deserves what they get.