America's plague of tyrannical homeowners

That explosive growth was driven at least in part by market demand for the sort of exclusivity Tullock lauded. A 2019 study by the economists Wyatt Clarke and Matthew Freedman found that HOA home prices were, on average, higher than non-HOA home prices in the surrounding area — and that this "HOA premium" was strongly correlated with the size of an area's Black population as of 1960. The more Black residents a region had in the last decade of legalized, explicit racial segregation, the larger the gap between non-HOA home prices and HOA home prices. One can surmise that HOAs in these areas tend to be more exclusive in part because they were designed to exclude. Readers will not be shocked to learn that Clarke and Freedman also found that HOA residents were more likely to be white or Asian than non-HOA residents.