Without commenting on the quality of the Bloomberg piece, exclusion is quite literally the reason that HOAs were created. The original, explicit, and completely legal purpose of an HOA was to exclude specific races and creeds and we cannot dispute that.
Argue devil's advocate all you like, but there are many HOAs with "No Jews, Asiatics, Blacks, or Mulattos allowed" still on the charter and "Whites only" written directly into the deed.
Wasn't that long ago, and many of the people who wrote those bylaws are still alive...