The number of EB5 projects in the market has come down sharply. One obvious reason is that the large developers in NYC/LA/Miami are out of the market. But there is another reason which is not so intuitive. There are many people who want to raise EB5 capital under the new regulation, but they can't do so because they don't have a TEA location for their project. Those who want to enter the market now are consulting with economists about their planned project locations, and are finding that their preferred location is outside currently defined TEAs 80% to 90% of the time. The way we see it, a 10-20% hit ratio will cumulatively produce many feasible projects. There is a mad rush on to find viable TEA locations. By July 1, we expect the market to be crowded again. Good old American creativity and spirit of enterprise is alive, and it will adjust to the new market and find new opportunities to receive EB5 capital.