Revisions log for Answer #3223

First of all, you do not have paint, you have plaster on the facade.

But NOT properly sized or improperly installed or improperly designed.

The substrate does not seem to have the necessary strength.

At this point, it is important to understand the reason WHY it is collapsing (it is not clear in the photo).

If water gets on the facade, there will be damage. Logically, you will need to address this problem (roof and all drains).

Any patching solutions will be pointless without addressing the root of the problem.