Got the above error after downloading L preview release version in Android Studio, when my project had minSdkVersion 19.
Furthermore, when
The way that worked for me was to install the Android Studio Beta (Not Preview Release, the Beta was launched today as part of IO).
Uninstall the preview release and install the Beta and open your project. It will ask you to use project SDK or Studio SDK, use Android Studio's SDK.
Go to your projects local.properties file and where you have sdk.dir ensure that any backslashes () are doubled up .e.g. \.
Go to Project Structure > SDK and ensure this pointing to the Android SDK on my Pc it was C:\Program Files(x86)\Android\android-studio\SDK.
Then in your projects and any libraries you have build.gradle files where you have
compile 'com.android.support:support-v4
Change it to
compile 'com.android.support:support-v4:20+
Resync the gradle files and all fixed