I'm the president of a 40 unit failed condo conversion in the Chicago suburbs. Currently the balance of owner occupied to rented units is about 60% owner occupied and 40% renters, and there are 2 units that look like they are going to be sold to renters. There are 2 multi-part questions facing the board now
1) is there anything that can be done to restrict the rights of owners to rent their unit? Are we too late to do this?
2) what would the legal requirements be to turn the building back into an apartment building? Could this benefit the current owners who occupy their units?