This is common for co-ops in NYC. Co-ops are, more or less, condos where the board has more say, and are much more common than condos in NYC. As an owner, you c

This is common for co-ops in NYC. Co-ops are, more or less, condos where the board has more say, and are much more common than condos in NYC. As an owner, you can typically only rent your unit for up to 2 out of every 5 years, and you cannot rent it out for periods shorter than 1 year to prevent short-term rentals. This keeps the building's occupants very stable, while still giving you some flexibility when life happens. It may also help keep housing costs lower by reducing investor appeal: co-ops are typically cheaper than condos in NYC, though they're also usually older buildings than condos, so apples-to-apples cost comparisons are tough.