Leadership isn’t democratic either.
Neither is the United States. And the Constitution says the fed will guarantee all states maintain a republican form of government. As this will be below the state level I wonder what “type of government” rule will apply.
At least you get to vote in the United States.
This sounds like a group of folks came up with the idea and are looking for other people to help fund it. Only those other people won’t have any say in how their investment is managed or maintained.
And in the event of their death the buyers likely won’t be able to will the property to their heirs. Instead the property reverts back to the original folks who can re-lease the property to someone of their choice.