New Condos lead to decreased home values

I live in a new community in which the developer still runs the HOA. The developer also owned the land in which my neighborhood currently exists. His personal property(22 acres) is adjacent to my neighborhood and he has annexed it into a different township and recently put in for a zoning change to build 250 condos on his 22 acres. The residents of my community oppose this because of the increased traffic it will create and also feel that our property values will go down as the previous wooded lots are torn down and replaced with condos.

I feel this represents a conflict of interest and am wondering if we have any legal rights in 1.removing him from head of the HOA or 2. create an opposition,through the HOA, against the condo development because of the negative effect it will have on the houses in my neighborhood (i.e decreased property value).

If "still runs the HOA" means the association is still in the "Declarant's Control Period" it may not matter how many votes you have.
It seems to me the first step is to inspect your declaration very carefully to determine what the declarant's rights and reservations are and what the specificed procedures are for relinquishment of declarant control.
If you are still in the legal "Declarant Control Period" the developer is in charge. In this case there is no "conflict of interests". He is serving his own interests. Why do you think he built your sub-division in the first place?