It looks like something big was going on at DeMille Field (later known as Rogers Airport) that covered a vast expanse of land anchored at the corner of Wilshire Blvd and Fairfax Ave, which was known back then as Crescent Ave. I’m guessing that all those cars parked on both sides of Wilshire Blvd were there to see an airshow of some sort. This photo was taken in the early 1920s, when such shows maintained an element of daredevilry and danger, so the turn out was usually pretty great. And at the top of the photo we can see the oil wells that punctuated the land that later became the Park La Brea apartment complex.
A wider view from even farther up, taken around the same time:
Looking west toward the general office and hangars of Rogers Airport, 1922:
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