"Critics of HOAs have attacked them as a “tool for exclusion” that can encourage racial segregation. There’s no available data on the race of the owners of each particular house, so Clarke and Freedman couldn’t test this accusation directly. But they did compare the racial demographics of neighborhoods with or without HOAs, and found that neighborhoods with HOAs tended to be richer and less racially diverse."
https://www.bloomberg.com/news/articles/2019-06-04/do-homeow...