economic benefit, it should not be forgotten that a quick boosting may lead to bubble growth, which may easily crash. If not well managed and organized, the big event may not be so ofitable, and the new facilities may be forever empty after the games. Yes, there have been cases that host cities ended up with enormous debts.
Finally, let’s think about the low-income groups in the city. What will they get from the Olympics bidding? More tax, more fees, more expensive property prices, and higher cost of living. These definitely are not good news for them.
To bid or not to, this is a question. It is up to the choice of the municipal government, and the local public. After the decision, what they can do is to make the most of the benefit, and reduce the drawbacks to the least.