I don’t know about Chicago specifically, but HOAs in buildings are generally pretty different from hoas in neighborhoods.
They tend to handle all the common space issues like roofs and elevators, so they serve a real purpose other than being the property value police, which is also why they cost more.
Because you’re shoulder to shoulder with more people, rules enforcement is more important as well, although as always YMMV.
As a data point contrary to all the horror stories, I’ve been in a HOA in a small building for years and always appreciated what they got done.
They tend to handle all the common space issues like roofs and elevators, so they serve a real purpose other than being the property value police, which is also why they cost more.
Because you’re shoulder to shoulder with more people, rules enforcement is more important as well, although as always YMMV.
As a data point contrary to all the horror stories, I’ve been in a HOA in a small building for years and always appreciated what they got done.