They should indeed go to jail, but they don’t. The bottom line is that Housing Associations are essentially small governments. They tax through imposing fees and, in theory, return a service for it. Much like our other governments, the services rendered tend to go down, and taxes tend to go up.
The day always comes when they send a letter to the residents saying something like “…by the way, we miscalculated, or have collectively decided on another avenue for the roof repair…and there’s a special assessment of $2,000 this year for each of you. Pay or we’ll forclose. No discussion.” Now, picture yourself as an older person on a fixed income. What happens when you can’t afford your HOA fees? They forclose and you’re on the street. I’d hate to be homeless over some self imposed housing government. I’d rather live in a house with deferred maintenance, than on the street, any day of the week.
The fundamental point in owning real estate is to one day have it free and clear (outside of unavoidable property taxes). But, with HOA fees, you’ll NEVER have it free and clear.
