Los Angeles Could Be One Of The Few Cities The Olympics Can’t Ruin – Huffington Post
There are potential pitfalls. Los Angeles was the only city to bid on the 1984 Games, which allowed it to dictate terms to the IOC and adhere to its modest budget. It faces a competitive bidding process with Paris and Budapest this time, and that, Matheson warned, could lead to escalating costs if the cities attempt to sexy up their bids to impress IOC voters. Securing an LA Olympics, meanwhile, could cost as much as $2 billion, Zimbalist estimates — more than the entire cost of the 1984 Games. And if LA 2024 goes over budget and exceeds its planned contingency fund, Los Angeles taxpayers could still end up on the hook: The LA city council and California legislature have approved the taxpayer backing the IOC demands.