Correct, The value is arbitrarily tied to what the older (richer) generation wants. What they were raised on, and what they want is uniformity. They want a white picket fence, no visual obstructions on the premises, no cars visible, no individuality, and no sign that anybody in the neighborhood is insubordinate to the will of the HOA’s board.

HOAs in my experience are universally hated by younger generations, but they can’t afford houses or change anything.