I live in a building with an elevator that is 35 years old. Mitsubishi has said that the elevator absolutely needs to be replaced (parts are no longer manufactured, etc.), and they're on site every two weeks to keep this thing on life support.
A few months ago, I got a letter from the building management asking for $30,000 from each owner to pay for a new lift. Fast forward to today, and only 12 owners have paid. The building has 22 floors of 3 flats each, so that's like <20%. The management has given up and is refunding everyone who paid, so the plan now is to wait until the lift completely breaks and the need for a new lift can no longer be ignored.
Lol.