The video, which was posted on social media last month, shows at least one person jumping off the ledge of the skyscraper with a parachute.
The footage recently grabbed the attention of Los Angeles Mayor Karen Bass. She says the unfinished condos are not only a nuisance, but a danger to the city.
The mayor said the developers should be held responsible for every dime spent on providing extra police patrols for the property.
"I hate the fact that we are using city and other police resources in that manner, but we do not want to see a tragedy take place, and I guarantee you that a tragedy will take place there," Bass said.
A council resolution gives the developers until Saturday to start cleaning-up the property. If they don't meet that deadline, the city says it will clean it up for them, and then send them the bill.
Multiple people have been arrested in connection with the vandalism on the property.
LA City Council demands owner clean up graffiti-covered downtown high-rises