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Should HOAs be banned?
(discuss.online)
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I think I wouldn't mind an HOA if the dues they collected were used to fund things like maintenance and upkeep of houses to the standards they set, but as far as I can tell all they really do is take your money to tell you your lawn's too weedy and your fence is the wrong color.
They only exist because everyone in this fucked up country treats housing as an investment vehicle first and a shelter second.
That was basically their original intention until they got perverted to only care about protecting their property values like you said. There are still some "good" HOAs that are basically just that, but you don't hear much about them. Still, any good HOA can become a bad one at any time, so I just avoid them like the plague.