How else would it function? In a multitenant property there's not any clean way for people to own the freehold to pieces of it.
I don't really see what the issue is, it's just another option. You can buy a freehold, a leasehold for typically a kiloyear new or whatever remains (which will be accordingly cheaper), or rent.
In Scotland and elsewhere in Europe you have “commonhold” where tenants own the freehold of their flats.
Edit: sorry, in Scotland it is called freehold or feuhold not commonhold but could be considered equivalent. I believe commonhold is also used in the US.
Huh, thanks for that - I honestly thought that was just what you (North Americans) called blocks of flats (resp. apartments) - I had no idea it was actually more specifically/correctly a particular (presumably commonplace) ownership structure for such buildings.
I don't really see what the issue is, it's just another option. You can buy a freehold, a leasehold for typically a kiloyear new or whatever remains (which will be accordingly cheaper), or rent.