> In this case, I think the sufficient explanation for the phenomenon is that HOAs are good at protecting property values.
Uh yeah, that's their defined purpose that everybody knows about and agrees upon. I've lived in several properties under HOAs, haven't had any trouble, and don't know anyone personally who's had any trouble either.
IMO, HOA problems are of those things that's extremely rare in practice, but makes for outrage-inducing stories on the internet that get upvoted heavily and widely viewed. Since this is well known and plenty of people will do anything for internet upvotes, I'd bet a significant number of the stories are either made up entirely or are highly exaggerated and misleading.
If HOAs were really that bad, you'd see a market for homes advertising the lack of them. We don't though. The better analogy is internet free speech. In theory, everybody likes free speech. But if you create a new forum specifically for the purpose of not censoring anything, it tends to get filled with the worst assholes of the internet. Similarly, you can guess who'd be itching to move in if you advertised your housing development as not having a HOA.