California's post-Prohibition license cap (1935 onward)
When Prohibition ended, California allowed counties to set alcohol policy but capped license counts by population — one off-sale general license per 2,500 residents. Los Angeles County reached its ceiling decades ago.
New stores in large counties mostly buy or transfer existing licenses rather than obtain new ones.
Licenses became tradeable assets worth significant sums, often exceeding the value of the businesses they serve.
Explains why this single recorded license matters: it's a scarce, assignable asset, not just a routine permit.
