In 7 years, the prices will have at least tripled, to cover the cost of building the new stuff needed to impress the world, and don't forget the added cost of security.
I'm rather happy NY didn't get it, I can't afford the high taxes now, don't need more for the above reasons, plus trying to sneak a new stadium in under the cloak of the Olyimpics. 
OH ... right I live in Jersey..... if the Port Authority has anything to do with it, in anyway shape or form, Jersey Taxes go up also, not just NY, and NYC taxes. 
Just wondering where in London are they going to do all the building? Who's going to get their property taken? And where the hell are you going to put all the addition cars and drivers?
Double decker cabs? 
Character is what you do when no one is looking. 
Few things are harder to put up with than a good example.- Mark Twain
Make yourself an honest man, and then you may be sure that there is one less scoundrel in the world.--Thomas Carlyle