The short answer is probably not. Often, the voting is weighted in favor of the developer. Therefore, the homeowners are usually unable to repeal the CC&R's. However, it wouldn't hurt to review the CC&R's to get an understanding of the voting procedures of your HOA. If you need assistance, you may always hire an attorney.
The above statements are provided as general information and not intended as legal advice. Each matter has its own set of unique circumstances that cannot be adequately addressed without consultation. You are strongly advised to hire an attorney licensed to practice law in your state to represent you.