Slowly, very slowly, members of Homeowners Associations are discovering that the basic design of American HOAs is fundamentally and profoundly flawed. The system encourages embezzling. The system of double-checks that marks all traditional governments was just never built into the HOA system.
The latest alleged embezzlement was only discovered by accident. More than a quarter million bucks is missing from an Arizona HOA and each homeowner is going to be straddled with special assessments. “Gosh, I thought Homeowners Associations protected property values?”
Dunce.
Buy into a Homeowners Association and risk your life savings. That’s just the way it is.
(link to yet another embezzling arrest)
A couple of days ago some guy robbed the bank down the street from me.
My first thought was….what a fool! Why didn’t he just get on his HOA board or open a property management company? He could have stolen a lot more money and probably never served more than a couple of months in jail. Now, the fool is going to end up in prison.
Possibly he just hasn’t gotten the memo on HOAs being a thieves’ paradise yet!