California did a similar thing by requiring owners of seismically deficient bldgs to upgrade their bldgs.  They gave them 20 years to accomplish the task and set up a fund for low interest loans.   If the owners didn't upgrade at the end of the 20 years, the state would condemn the bldg.  This was to prevent the total collapse of the bldg into the street and the loss of life which is in the government's interest. 

At Marco Polo-like high rises, the government should intervene because unlike a single family residence, one person's failure to protect his property jeopardizes the lives of everyone else.  This is the same reason will have building codes, to prevent tragedies and enforce minimum safety levels.

High-rises and mid-rise buildings should be singled out for retrofits because of the large number of residents.  Marco Polo has 572 units which equals 1,144 people. That is too many lives to gamble with.

However, the government should not pay for the work without reimbursement.