The problem here is that eventually rent-seeking becomes appealing, someone realizes there's skim/margin/"arbitrage" to be made, and so the capitalism progresses.
I wonder if you could put in the association bylaws that it must remain free of profits/margins/“arbitrage” to mitigate against something like this.
I haven’t looked into it closely though since I ultimately have a strong distaste for home owners associations anyway.
The problem here is that eventually rent-seeking becomes appealing, someone realizes there's skim/margin/"arbitrage" to be made, and so the capitalism progresses.