This very question was posed in the NYT ASk Real Estate column. The general opinion is that a no dog/pet policy limits the pool of buyers but it is difficult to analyze how much. Generally, the apartment may be worth about 5% more because of allowing little Lassie or Milu to live in the building.
Once I had a client that was interested in a Lower Fifth avenue coop and we found out there would an interview, a walk with the Board and a two week probationary period. If something went wrong in the 2 week probationary period, then the shareholder could have been asked to remove little Fido.
Read the full article below and other questions including if a Board can allow an officer to attend a board meeting via skype.