May 28, 2014 6:01 PM by Jordan Mason
New York City and Philadelphia are dropping efforts to host the 2024 Summer Olympic Games.
Alicia Glen, New York's deputy mayor for housing and economic development, told The Wall Street Journal that Mayor Bill de Blasio made the decision after weighing the pros and cons of hosting the event. Glen says top officials feared an Olympic bid would distract from de Blasio's economic-development agenda.
Philadelphia Mayor Michael Nutter says that city's decision was made after researching potential venues and the financial realities of hosting the games.
David Cohen, a Comcast Corp. executive vice president who was part of the Philadelphia effort, said "the timing is not right for Philadelphia" to host the games but that he believes the city could do it in the future.