L2 Regularization Preferred over L1. WHY?

Deep Learning
1

What makes L2 Regularization special and preferred in industry as compared to L1?
What is that special thing in L2 that is not solved by L1?

2

Have a look here: https://twitter.com/gabrielpeyre/status/1184333144725606401

L1 induces sparsity in the weights whereas L2 induces smaller weights.

3

One reason is that L2 regularization reduces mathematically to weight decay (for SGD optimizers). Weight decay is easy to understand and to implement. So you might call the preference a historical-mathematical-computational accident, in addition to any other reasons.