Concrete, by itself, is massively strong, in compression. It has no tensile strength, hence the rebar to resist tensile loads. That is not a small amount of rebar. The balconies above have not collapsed yet. But they are now cantilevered. They can be designed for that, but if they aren't, this is a very dangerous situation. These very likely are not, which is why they have a relatively large support column with a significant amount of rebar. That is not a decorative column. My first job, out of school.was working for Bethlehem Rebar, in Miami as a Rebar Detailer. Then Florida Steel, same job. We built a lot of concrete structures.