[Condo] [CA] California condo purchase fell through as a buyer because of the balcony law. HOA members/homeowners - please attend to your buildings

I’m a buyer. Was a week out from closing on a 450K one bedroom condo in LA suburbs. Turns out, 12 balconies need to be repaired per the inspection that was completed as required by the new “balcony law.” HOA shared with my lender that they are looking at a 100K special assessment - information they had not even shared with the owners yet. Seller allegedly had no idea this is going to ruin our deal. I paid a thousand dollars for an inspection and appraisal, but have to pull out now because the lender can’t approve this loan.

This is really serious and also tanking property values and helping investors grab these properties in cash, while first time buyers like me are locked out and wasting time and money to find out about a third party’s mismanagement of the building.