"People owning fractional buildings" has existed for almost 150 years, at what point should we start to see NYC buildings collapsing due to structural collapse?
And buildings start needing more significant structural work after forty or fifty years. Which is to say, yes, I expect many more condos to collapse over the next couple decades.
This is correct in the sense that it is technically correct (for residential dwellings; commercial condominiums have existed for almost a hundred years prior).
However, residential cooperatives (co-ops) have existed in the United States since the mid-1800s. These are functionally the same as a condominium with a slightly different legal structure. But the end result is identical: multiple owners jointly managing a building in which they all own a stake.
It's also plausible the legal structure of a condominium itself is the problem that leads to, well, largely incompetent management.
Obviously I'm not sure landlords are a winning solution for anyone either. But particularly for large structures, I would prefer actual public/government management over a quasi-government entity comprised of self-centered residents.