The law does not dictate that co-op directors must be residents of the building, or even shareholders, but your cooperative's governing documents could contain such qualifications and requirements.
Over time, cooperatives have allowed shareholders not just to have their primary residence elsewhere or rent to a subletter, but to buy shares as investors.
This has led to many cooperatives having split populations: one of residential shareholders and one of investor shareholders, where each group has different priorities.
Shareholders can vote to create a residency requirement, but if your building has many investors, this could be difficult.
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