To the editor: In response to the query of why L.A.’s apartment gross sales have cooled, a major a part of the reply lies in California’s Senate Bill 326, the “balcony inspection” regulation (“L.A.’s surging real estate prices have cooled, so why is nobody buying condos?,” Might 13). Whereas the regulation is well-intentioned and addresses reliable security issues in ageing buildings, its unintended penalties are discouraging patrons, and particularly lenders.
Lenders are hesitant to approve loans for condos affected by the regulation’s litany of necessities. Securing the required drawings and permits and scheduling even minor work can take complexes six months to a 12 months. Gross sales are close to not possible throughout that point.
Even patrons with substantial down funds face obstacles securing financing. Because of this, condos are staying in the marketplace longer or being transformed into leases — outcomes that don’t profit apartment sellers, potential patrons or house owner associations.
After a nail-biting escrow interval, I finally offered my San Fernando Valley apartment for money in March 2026. I think about myself lucky, however many others will not be as fortunate. Considerate changes to implementation of SB 326 and communication with lenders may assist restore stability to this phase of the housing market.
Nancy Meyer, Humble, Texas
