My neighborhood has a covenent in place that prevents overnight parking of commercial vehicles on the street. A commercial vehicle, in this case, is defined as any vehicle that advertises the owner's or driver's business. This was put in place to prevent over crowded street parking in a neighborhood with single-car garages. The local police view this as a complaint driven violation, and will issue a warning ticket for the first violation. I ended up removing the graphics from my truck, but on the next street over there are several commercial trucks parked on the street. Apparently nodody's complaining in that section of the neighborhood.
These covenents are legally enforceable and do not challenge constitutional rights. When you buy property, what you are essentially buying is a set of rights to use the property within a legal context. One does not simply "own" that chunk of land with the ability to do whatever they want with it.