End of life?

Our building,25 story 140 unit hi rise apartment building, converted to condos in the 80's is 55 years old and has had many problems including electrolysis which rotted all the pipes. insurance costs have skyrocketed and constant repairs have left the hoa with no funds and loans to repay. When built sprinklers were not required. In the 80's the city required all new buildings to be fully sprinklered but old buildings without them were grandfathered in. Now the city is pushing for new law for all buildings to be retrofitted with full sprinkler systems. this would cost at least 1.5-2 million. they also want alarm horns, strobes and addressable detectors in each unit. another1.5-2 million. Hoa members are stuck, dont no what to do and some are thinking its time to tear the building down but then how would they recoup there money. Has anyone had similar issue

This has my attention at the moment:I understand the condo association (COA) wanting to be prepared for this possibility. In the belief that the law is likely to pass, I agree with TimB4 that the association should consult an attorney. In preparation for this meeting, and when it comes to a proposal that all members sell their unit, perhaps to a developer who razes the building, and so dissolving the COA, I recommend reading the governing documents and the Davis-Stirling statute about the obligations of the COA to impose an assessment to bring the building up to requirements of any new law that is retroactive in nature. Here's an introduction to what California statutes say about dissolution: https://www.davis-stirling.com/HOME/Dissolution

This is an interesting situation that I am not sure has come up much (if at all) here. I have wondered at times about how plumbing in very old condo buildings can certainly reach the end of its useful life, and the costs of re-fitting. Old buildings are torn down all the time.