The first part of the story linked below is interesting, but not earth-shaking. It’s about apartments that are converted to privately owned condos, and then back to apartments. It happens all the time. But what happens next should shake you to your boots!
If 75% of the condo owners want to sell to a developer who’s converting condos back to apartments, then screw the remaining 25%. They pretty much have to take whatever the developer offers, which is sometimes a fraction of what those condos were worth.
In Florida, if a developer controls 90% of the units, the remaining residents may as well go live in a park someplace. They’ll get next to nothing as the developer seizes their homes.
Again, when a Realtor says HOAs protect property values, tell them they are pathetic liars. Then just walk out.