Quesiton: I am the president of a 230-unit condominium. Our Board has imposed a 13% restriction on the number of leased units in the building; our declaration is silent on that subject, offering only a restriction on the number of times a unit can be leased in a 12-month period. The number of leased units has been rising and we are concerned about lower property values and higher operating costs if the percentage of leased units continues to rise. For a variety of reasons, we do not believe the required 2/3 majority needed to pass a formal amendment to the declaration could be obtained. Is there another method to follow to make the restriction legally binding without a formal vote to amend the declaration? Read the Q&A……………….
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