How the Olympics became so expensive for host cities

According to the Council on Foreign Relations, every city hosting the Olympics since 1960 incurred cost overruns, sometimes by tens of billions of dollars. Several cities withdrew their 2022 Winter Olympic bids in 2014, citing the potential costs. The International Olympic Committee's Olympic Agenda 2020 provides regulations specifically to mitigate cost concerns. However, the IOC was then faced with a new challenge: hosting the Tokyo Olympics amid the Covid-19 pandemic.