Do you have a source? From https://www.cfr.org/backgrounder/economics-hosting-olympic-g...
> As a result, in 1979 Los Angeles was the only city to bid for the 1984 Summer Olympics, allowing it to negotiate exceptionally favorable terms with the International Olympic Committee (IOC).
> The 1984 Olympics in Los Angeles were the only games to produce a surplus, in large part because the city was able to rely on already existing infrastructure. As the costs of hosting have skyrocketed, revenues cover only a fraction of expenditures. Beijing’s 2008 Summer Olympics generated $3.6 billion in revenue, compared with over $40 billion in costs, and London’s Summer Games in 2012 generated $5.2 billion compared with $18 billion in costs. What’s more, much of the revenue doesn’t go to the host—the IOC keeps more than half of all television revenue, typically the single largest chunk of money generated by the games.
Los Angeles is looking forward to having the games in 2028 because it gives them extra money to pay for infrastructure that they've been planning to build anyway.
San Francisco really wanted the 2028 games as well because it would have allowed us to finish building BART/CalTrain around the Bay, and we would have already had all the venues necessary with the various pro and college facilities around the Bay.