Yes, HOAs are a two-edged sword. I have lived in two, and the last one I was President of the Board and of the HOA.
I could write a book. For a younger person in his or her career, being on the board will give you some broadening experiences that you will never get in your professional staff job.
I’d like to believe I was one of the right people on the board, but I know there are neighbors who would both agree and disagree. Years later after I moved, I was at a party and was introduced to people said my name sounded familiar. Eventually we traced it to living previously HOA
/ neighborhood where I was Pres. I did not know them back but I knew their name, where their home was. They were “good citizens” during my tenure - paid their assessments on time, showed up at annual meeting, annual summer pool party, etc etc. No issues, never complained to HOA my entire tenure. Now when I see these people in public in town, they actually take steps to avoid me, turn away from me. My guess is they probably were friends with one of the HOA-trouble-making whiner neighbors on my tenure, and heard a belly-whopper , one-sided, libelous story about me.
I have no problem with the CO neighborhood taking on ABNB and restricting rentals. If significant majority of people who never read the HOA covenants and by-laws disagree, they can vote out the (usually unpaid, volunteer) board, then read the covenants and by-laws, to know what process needs to be followed to make the changes they seek.
As far as audit of HOA by CPA. We budgeted money / set aside for audit every 4 years. We had a capital project budget too. People would #itch and moan that their assessments were too high - we held them flat for 5 years and made joining the pool club optional? Bet you can guess how many non-paying pool members did not like that they were limited to two times, neighbor courtesy day use to the pool club provided a member-neighbor took them as a guest. Or other pool neighbors who thought their guests who didn’t live in the HOA neighborhood should be able to hang out with them at the pool M - F all summer because they paid for a pool membership. Bet you can guess which neighbors who decided to move would advertise in their real estate ads GREAT NEIGHBORHOOD POOL AND TENNIS CLUB!!
Final point - I don’t blame CO HOA for restricting rental property if said action is permitted under the governing HOA documents. Exccept for a prison, freight railroad or chemical plant being built contiguous to the HOA, rental properties can really harm property values in HOA neighborhoods and desirability to live in a neighborhood atmosphere / conditions. Even 10% rentals can have a big impact. Article said these were “second homes”. I emphasize the word “homes” here. If the owner is looking for rental property - there are plenty of coastal areas with HOAs that allow rentals where they can invest their money.
A couple of things I'd add to my previous (generally supportive) comments about HOAs ...
1. I am not fond of an HOA whose jurisdiction includes anything other than streets and open spaces for stormwater drainage or similar functional purposes. Pools, tennis courts, playgrounds, clubhouses, and golf courses (to a lesser extent) bring nothing but potential trouble.
2. The most troublesome HOA owners I've known are people who probably have no business owning a home in a civilized community in the first place.
I have limited sympathy for rental owners myself.
Unless they actually live in the community they could care less as long as that rent money keeps coming in.
An hoa is the only thing keepin’ ‘em in line.