Per your statement, the two "orig developers" are doing exactly what they are permitted to do - rent units. As these are foreclosures that would likely be vacant otherwise, that may not be a bad thing.
At any rate, unless and until the BoD changes that rule, you have no cause of action.
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In the vast majority of condominium disputes, the cheapest and most effective resolution is a political one. Get yourself and other like minded owners elected and change the rules/bylaws. Litigation over these matters is extremely expensive and nasty.
I'm not sure what you mean by "I'm next." Does that mean you are going to be foreclosed on? If so, having a bidder in addition to your mortgage-holder isn't always a bad thing.
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