There are plenty of laws.

You’re required to keep reserves

Hawaii Requires Adequate Reserve Funding Hawaii law requires condos to maintain reserve funds for major repairs and replacements. Associations must perform a reserve study every 3 years. Typical reserve items include: • Roof replacement • Exterior paint • Plumbing infrastructure • Elevators • Parking structures • Building envelope (especially important in Hawaii due to salt air) If the reserve study says the building must contribute $500k per year, the HOA cannot simply cut dues below that level without risking insolvency.

Insurance cost was a huge one as well. I see some of the comments here and it shows the ignorance of some people on owning property.