Los Angeles' Graffiti Towers Plunge In Value After Creditor's Reassessment

LOS ANGELES, CALIFORNIA - MARCH 20: Cyclists pass near the ‘graffiti towers’, where graffiti writers tagged 40 floors of an unfinished luxury skyscraper development last month, and Crypto.com Arena (R), on March 20, 2024 in Los Angeles, California. Construction of the $1 billion Oceanwide Plaza luxury real estate development stalled in 2019 after a China-based developer ran out of funding leaving the three-tower project uncompleted amid a housing crisis in the city. The project is located across the street from the Crypto.com Arena and its value has plummeted since its appraisal in 2017, according to the project’s creditors. Some view the tagging as a work of graffiti art while city officials will pay nearly $4 million to secure the site and clean the graffiti. (Footage by Mario Tama/Getty Images)