Abstract
Community associations (condominiums, cooperatives and planned unit developments) are a huge and growing part of the U.S. housing stock. In the 50 largest U.S. metropolitan areas, more than 50% of new housing is governed by community associations, which control unit use through CCRs (covenants, conditions and restrictions). Enforcement practices are often attacked in the media as draconian. While CCRs are voluminous, the provisions written on paper say little about actual enforcement. This empirical project tests the efficiency of covenants through regression analysis of a Web-based survey of community association enforcement practices, concluding that (1) fewer (more) covenant violations increase (decrease) the relative value of a community association unit, and (2) more (less) intense enforcement practices reduce (increase) the level of covenant violations.
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