Hoa funds practically never get redistributed back to owners. I've never heard of such a case. We are only talking about it here because a legislature is talking about changing something state wide (and realistically this won't happen anyways).
So there is no realistic scenario where hoa reserves factor into home price
Reserves are money available for HOA expenses which would otherwise require new money from the owners. For that to factor into home prices, you just need buyers and sellers to be aware of this and what it means for their wallet in the future. Which may not be the norm since people are often clueless, but it doesn't seem completely absurd.
So there is no realistic scenario where hoa reserves factor into home price