A Bargain at $5.3 Billion – Slate Magazine
But it’s Los Angeles, deferring its bid to 2028, that has the more radical Olympic idea: Build almost nothing. The organizers propose a handful of temporary venues and four new permanent venues, some of which will be privately funded and each of which has a documented future use. The city has also dropped plans for a brand-new Olympic Village, instead proposing to house athletes in existing and already-planned dormitories at the University of Southern California and University of California, Los Angeles. All in all, the city projects the games will cost $5.3 billion—not even half the cost of Rio, and in a much more expensive place to build. Not quite an “austerity Olympics,” as the 1948 London Games were known, but a welcome rebuke to the bloated spectacles of the past. Only $1.2 billion is budgeted for infrastructure upgrades. That wouldn’t even cover one NFL stadium. And while every megaproject always features cost overruns, there’s not much “project” in the L.A. Olympic budget. Most of the money goes toward operations, technology, and workforce, with another $177 million for the opening and closing ceremonies.