To the editor: In response to the query of why L.A.’s condominium gross sales have cooled, a big a part of the reply lies in California’s Senate Invoice 326, the “balcony inspection” legislation (“L.A.’s surging actual property costs have cooled, so why is no one shopping for condos?,” Might 13). Whereas the legislation is well-intentioned and addresses official security issues in getting old buildings, its unintended penalties are discouraging patrons, and particularly lenders.
Lenders are hesitant to approve loans for condos affected by the legislation’s litany of necessities. Securing the mandatory drawings and permits and scheduling even minor work can take complexes six months to a yr. Gross sales are close to inconceivable throughout that point.
Even patrons with substantial down funds face obstacles securing financing. Because of this, condos are staying available on the market longer or being transformed into leases — outcomes that don’t profit condominium sellers, potential patrons or home-owner associations.
After a nail-biting escrow interval, I finally offered my San Fernando Valley condominium for money in March 2026. I think about myself lucky, however many others usually are not as fortunate. Considerate changes to implementation of SB 326 and communication with lenders may assist restore stability to this section of the housing market.
Nancy Meyer, Humble, Texas
