Yes, your condo association can do this—assuming it didn’t act unilaterally. Most condo associations, acting on behalf of a building’s owners, can decide how their jointly owned common spaces are used. The rules should be spelled out in the association’s governing documents. If you stored your bike in a parking space that you purchased, that could complicate the matter. But if owners were parking their bikes in a shared parking garage, it sounds like your condo association did due diligence by posting a deadline and offering an alternative bike-storage space. Sure, it charged a fee for the new space, but that may help pay for the room’s maintenance. If you want to help decide how your building handles bike storage, you can always run for a board position. But in the meantime, parking your bike in your condo doesn’t sound too bad. I’d recommend buying an inexpensive wall mount.
My condo building decided to ban bicycles from being stored in our parking garage. They cut all locks on bicycles stored in the parking garage after a certain date, and disposed of them. As a storage alternative, they offered a small room, for a fee, for bike storage, but once that filled up, other residents were out of luck and now have to store their bikes in their living spaces. Can they really do this?