You can install one on the balcony below the railing level.
The housing company is responsible for the exterior surfaces and thus also responsible for whatever happens to fall on bystanders when it will inevitably happen.
AC installers are also notoriously bad at following placement guidelines.
I've had one placed like this in the balcony of a XVth century palazzo turned museum plus hotel, straight in the historical heart of Verona. If they can do it, everybody can do it as well.
You can install one on the balcony below the railing level.
The housing company is responsible for the exterior surfaces and thus also responsible for whatever happens to fall on bystanders when it will inevitably happen.
AC installers are also notoriously bad at following placement guidelines.