"What can be done to stop this? "

Have you been to board meetings to voice your opinion? Have you talked
to the board members and asked them why they believe this is necessary
or how they can cost justify it? There could be more to it than you
think, as boards usually aren't too quick to approve things that cause
a special assessment, if they can help it. If there is a significant
underlying problem, patching will only get you so far. The patched
areas are not as strong as the original pavement and will not last as
long as the original. At some point, you will have so many patchs that
it will have to be addressed. You may be right that it is better to
put it off for awhile, if it is in fact only costing $5500 a year to
patch and it doesn't look like hell.

What do your neighbors think? First thing I would do is find out from
a board member or property manager if a contract has already been
signed. If it has, from a practical standpoint there isn't much you
can probably do to stop it. Virtually every board has the power to
undertake this kind of repair. And unless there is something
underhanded going on, like self dealing, courts are unwilling to get
involved in business decisions, even if a better decision could have
been made. If they haven't signed a contract yet, then I'd get a hold
of the board members, make your opposition known and get neighbors to
the next meeting before a contract is signed.