In contrast to Community Associations Institute (CAI) propaganda, credible studies show HOA rules do not protect property values.

 

A 2010 study by Daniel S, Scheller found that “properties located in HOAs do not appreciate faster, on average, than properties not located in any type of neighborhood government.” (p. 22)

Daniel S. Scheller, Neighborhood Governments and their Role in Property Values, URB. AFF.’S REV. 1, 1 (2010), available at https://foundation.caionline.org/.../2017/06/Scheller.pdf.

 

A 2019 study conducted by former Yale Professor Leon S. Robertson found that “current sales prices are related to property characteristics and local market conditions,” and that “sales prices do not reflect the efficacy of homeowners associations to protect property values.”

 

“State and local laws that sanction homeowners’ associations and allow their coercive practices based on the premise of property value preservation are ill founded.”

 

Leon S. Robertson, Correlation of Homeowners Associations and Inferior Property Value Appreciation, 6 CRITICAL HOUS. ANALYSIS 1, 42-50 (2019), (http://dx.doi.org/10.13060/23362839.2019.6.1.455).