We can see here that the passage is mostly about: "The process to become an Olympic host city is difficult and expensive."
It describes the competition among cities vying to host the Olympic Games, how multiple cities withdrew their bids, leaving Paris and Los Angeles as the finalists, and ultimately, how Paris was selected to host the 2024 Summer Olympic Games. This highlights the rigorous and competitive nature of the selection process for becoming an Olympic host city.
An Olympic host city refers to a city chosen by the International Olympic Committee (IOC) to organize and stage the Olympic Games.