Return on investment

first_imgThey also can take comfort from knowing that the price tag on the entertainment at l.a. live will be so high that most of the city’s residents won’t even bother to check out all the fun. Then, there is the pride, the pride in knowing that they helped subsidize luxury condos for rich and famous people, such as Gov. Arnold Schwarzenegger, who’s reserved his spot already. And, finally, there is hope inspired by all those new jobs that will come with l.a. live. As Mayor Antonio Villaraigosa boasted during the grand opening, “When I look at this, I see the growth of downtown. I see jobs.” Besides the short-term construction jobs, the ones the mayor’s talking about aren’t jobs that support economic parity in Los Angeles. What taxpayers are buying – the bulk of whom would never be able to afford to stay at the luxury hotel, let alone buy one of its high-end condos – are hundreds of low-paid service jobs for maids, waiters, janitors and bellhops. Taken together, taxpayers will get precious little back from their investment, which is pretty much the story of modern L.A. CONSTRUCTION of l.a. live – the downtown development of a luxury megahotel and entertainment complex – began last week, with great ceremonial fanfare and the usual clique of insiders and power brokers applauding the event. The ordinary citizens who are footing the $300 million subsidy of this massive development were hardly in evidence, which is probably just as well, since they would be asking too many questions about what kind of return they could expect on their investment. Of course, there are some benefits. First, there’s the warm feeling Angelenos can expect from knowing their tax dollars are helping revitalize a part of the city that few people other than those at City Hall seem to care about. Secondly, they get another theater for glitzy award shows that most of them will never be invited to. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more