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Maybe they have less power over who lives there, and they can't have a mortgage, but they do have power.
No they don't.
you do have alteration agreements, maintenance, assessments, etc and all of that comes from the board's decisions
I know of one condo that must approve all renovations, AND limits the time for a renovation - if it goes past that specified number of days (can't remember if it was 30 or 60 days) they levy daily fines (just like the "fancy" coops). Also, required financials, reference letters, etc. from prospective purchaser(who was buying all cash).
From renter, require 30 page application, non-refundable move-in fee (for a 1 BR was recently $1,500, a background check from one of only 2 approved companies, costing $250 (to be paid by prospective renter), and names of renter's attorney and accountant! They may not be able to deny the renter after receiving all of that, but it can certainly make it much more difficult for the owner to rent.
You gotta love these condo owners who first bought into the building with absolutely ZERO documentation requirements, who are now turning around and trying to create their own little pseudo-co-op fiefdom, requiring everyone ELSE to jump through their hoops ...
Matt, that sounds like the legions of co-ops that reject people who do not meet financial strength requirements that a decent percentage of the current shareholders would not meet.