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In other words, they're a local form of government.

Not quite. No actual government will force people to remove political signs on people's front lawns, thanks to the First Amendment.

You’re missing the point. If the board makes a decision you don’t like, you can vote them out. They are elected officials meant to represent you so that the average homeowner doesn’t have to get into the minutia of contracts or managing common property.

No, I believe it is you who is missing the point. All government bodies in the United States are required to abide by the Constitution. Except for, apparently, HOAs.

"You can vote them out" is not an argument. The article goes into several factors that make it very difficult to dislodge the types of power-hungry individuals who tend to dominate HOAs. Perhaps you should read it again.

Their "decisions" over my freedom of speech (and artistic expression) should not be something that is voted on.

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