For sure. I've been to those too. Startups choosing to colocate is different from the incubator model at the investor level.
No, the lease is held by YC, not the "startups choosing to colocate."
So the investor holds the lease.
> the lease is held by YC
That doesn't sound right to me (I've been in the YC network for 10+ years, as has dang), and is at odds with what tlb (an original and still-serving YC partner) said in this comment [1] above, and what has always been YC ethos.
Maybe the person who told you that was mistaken? Or it may have been a YC partner or staff member doing it privately?
Source: been there.