Yes, but where does this private association get it's authority, and why is it recognized by the state or locality? Private ownership of property should be 100% of the law, period.
The association derives it's authority through contract law. If you don't like the contract, then don't sign the contract. I can respect your views on private property, but I also come from the school where a person's word, is that person's bond. By signing the contract, you're giving your word and your bond.
What's being lost here, is that buying property that is bound by contractual covenants is a voluntary purchase. That to me is the ULTIMATE property right. The right to form communities and live around like minded people.
Case in point: I'm fond of motorcycles. I've ridden all my life. When I was looking for a condo, years ago in my hometown, many condo's didn't allow motorcycles on the property. That was fine, I just read the contract, decided that the community rules were not to my liking, and looked elsewhere. It made my life better, as I didn't have to live around a bunch of biker hating snobs, and it made their lives better as they could choose not to live around my loud scooter.