Amending HOA Bylaws

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Our (Georgia) HOA is considering amending the covenants to prohibit using any of the homes in our development as rental properties. According to our current rules the covenants can be amended with 75% approval from current homeowners.

Is this legal? If so, can we allow current renters to stay through their existing lease then prohibit any rental contract renewals after a certain date?

Any assistance is greatly appreciated.
 
Yes it is legal for them to do this because non owner occupied properties generally are a nuisance and bring down property values. More HOA's now are doing this. I imagine the HOA will probably grandfather in current renters or at least wait for their leases to expire.
 
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