LA is under 7%. I think that LA may be below the threshold for such a station to work.
That's OK. No one is requiring that you invest any of your personal money in KBLA. It's still a free country, and if someone wants to waste $7 million of their dollars on a radio station that will get a .4 share, they can do it. It hasn't bothered Saul Levine with KSUR, and it obviously doesn't bother Tavis Smiley.