As far as I know it's the "building", and not the occupants that determine, and I'm finding that listing you posted a bit weird, because we were told overnight it has to be below 40º outside. We have a thermastat (thermometer?) outside the building that determines what the weather is outside, and regulates when the heat gets turned on.
We don't have that many renters left in the building, only a handful of oldtimers (think in the late 80s and 90s) who have been in the building since it was built, or certainly before it was converted. I was living in the building for 12 years before it converted, but I bought mine. Not all did.
As far as hot water, we always have that, unless the water has been shut down because of required repair work, but we get a good amount of notice when that's going to happen, and it only lasts for a few hours, never a whole day.
Edited to Add: As far as the fine goes, we're a co-op, not a condo. In a condo, each owner "owns" their apartment and is responsible for everything within it. In a co-op, the "owners" own shares in the co-op, so I could be wrong, but I believe the co-op as a whole would be fined, and I'm sure it would be more than $200. Then again, it could be $200 per apartment, and that would add up to quite a chunk.