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Tomorrow, the City Planning Commission will hear proposed changes to the Cultural Heritage Ordinance. Currently, monument status does not prevent demolition of structures, it merely delays destruction. The Brown Derby and Ambassador Hotel are prime examples of the City's half-assed approach toward preserving historic monuments.
The Los Angeles Conservancy has a lot of information on the proposed changes on their website. If you plan to attend, they recommend arriving by 10 AM for the Planning Commission hearing in City Hall.