The rules probably date back to when such arrangments were often quite sketchy and informal, whereas the Airbnb era adds traceable payments/stay-records, sticky reputations linked to real-world identities, and a commercial-entity's own "guarantee" against harms. So would the board consider waiving those rules under certain situations? It seems the option to rent out property in some cases will protect or improve the property's value... which I presume is one of the major goals of the condo board.
"No one has expressed any desire to change the policy" - not even the people who've been fined? (Were they renters subletting, or owners flaunting the rules?)
Note especially this heartwarming section: "You acknowledge and agree that you and Airbnb are each waiving the right to a trial by jury or to participate as a plaintiff or class member in any purported class action or representative proceeding. Further, unless both you and Airbnb otherwise agree in writing, the arbitrator may not consolidate more than one person's claims, and may not otherwise preside over any form of any class or representative proceeding."
What could possibly go wrong?