That is the trap. Little SP growth and a 3% dividend for a...

That is the trap. Little SP growth and a 3% dividend for a decade or more - letting the shareholders pay for the dream. There are better FF dividends with growth available until all the capital needed has been extracted from someone. Then it will be worthwhile to invest, if possible.
Meanwhile the guys getting the 9% interest on the debt are in a far better position, as are the land and lot holders.
The recent prices are not very different that when we exited in 2008 - no growth and about the same dividend over 8 years. i.e. a value trap when compared to alternatives. The possibility of keeping the same dividends for the next few years is slim as others have determined, hence the concern, which I concur.

I am extremely happy to be out getting better results elsewhere, but awaiting for the possibility that after everyone else has wasted another decade and possibly possibly more money, for me to re-enter for the cream stage of better dividends and actual growth.