I knew someone on an online forum some years back who had a two-bedroom co-op in Jackson Heights and could not sell it when they wanted to move to a bigger apartment. They had two children, a boy and a girl, who were approaching adolescence and still sharing a room. They actually found a willing buyer at one point, but the board rejected her because her dog was too big.
These people had paid the place off so had no mortgage, but that didn't really help because of course they couldn't rent it out.
I don't know what eventually happened, but a cautionary tale, for sure.
(I'm the poster with the RE "disaster" KingCoin referred to, btw -- I just posted an update.)