It's private property onegear, they are welcome to set rules, just like a club can dictate how you dress in order to enter.
Random your point is concise and well put. When dealing with quasi "laws" set through corporation and security guards the issue is even more muddied. Not even all cops know the full laws regarding bikes on streets. I enjoy taking pictures of buildings, bridges, etc, and their have been cases of cops and private security telling citizens they can't take photographs on public property. Complete bull ****, and a "non-law" worth discussion.
The people that blindly follow rules without giving second thought to the reason or logic are generally weak minded and pushovers. I choose to always politely ignore rules I find overly absurd or ridiculous. (Oh and one reason I'll never buy a home governed by HOAs too)