Sponsor Not Paying Maintenance

expensive litigation and the joys of co-ownership. sponsors are usually real estate people, and unless they don't have the money, they may have a claim or decided it was more cost effective to walk away. They may also not have provided a personal guarantee so the building can go after the units or the rental income from the units.

In any case, I presume the rent is less than the monthly carrying costs. In previous real estate recessions, these traded for pennies on the dollar so really they may just be a burden to the building

Everything considered, the renters are in the strongest position here I believe.

a) the condo should foreclose ASAP (but probably won't, will wait, and lose more money than is necessary)
b) What happens next depends on whether and what amount the Sponsor has pledged as a first mortgage on the units.
c) If there is no financing, the condo will own the units and must make up the shortfall between the rents paid and the common charges and as units become vacant, be able to sell them for a profit. At the same time, they can go after the Sponsor for the shortfall (if he's got any assets/income) because most plans require that even foreclosed owners are STILL responsible for any shortfall on such unsold unit.
d) If there is substantial financing, the condo has the choice of paying off the debt and then doing the same as above, or handing the foreclosed units to the bank and then demanding they make the payments (however, all the payments not made up until the point of the foreclosure will be wiped out). And, of course, still going after the Sponsor for the shortfall as well.