Having seen plutocracy in action, I can confirm that it does exist although it doesn’t happen in every scheme and when it does, it can be benign, or even positive for the building.
All it takes is for the owners of the largest properties to get together in pursuit of their mutual benefit and the simple fact of their deciding to work as a group gives them an advantage over those who don’t have the voting power and would rely on energising an uninterested, disconnected numerical majority to counter the concentration of votes.
It’s the Golden Rule – those who have the gold make the rules.