Here in Florida, that is not uncommon due to the numbers of 'land lease' condos that exist.
But that not so bad....
However, what I have observed, the majority owner will be able to control prices...and as a consequence acquire more units....until...(and you really wanna watch this)...
When the MAJORITY owner compels you to sell, you can end up with pocket lint.
Find out what the laws are in CA.
Your question pertians to discount. Just like powerlines, or views or busy street, the statistics have already computed these issues into the value.
When purchasing a property wherein one entity owns a large percentage of units, it's best to do your due diligence. Find out who this owner is, and try to determine whether there is any risk to you if you take on this individual or entity as an HOA partner.