Great catch! Funny this should come up, but I recently started trying to familiarize myself with the streets of old Bunker Hill. Some time ago on ebay I was able to buy an old Renié Atlas from 1943, and I've been studying the Bunker Hill area in particular. Because I've been riding Angels Flight, I became somewhat obsessed with finding out what that block used to look like, being that Angels Flight is now in a spot half a block south of where it originally was; I've seen many old photos of where Angels Flight used to be, but not what the block looked like half a block south of there back in the old days.
I'm not sure if these were posted before, but here's what I found.
NW corner of 4th and Hill, 1939. It's a solid block of buildings, flush to the sidewalk.
USC Archive
NW corner of 4th and Hill, 1973. It looks like an atomic bomb was dropped here. I think in the middle of the rise, you can see what's left of Clay Street.
LAPL
Looking west up 4th Street from Hill Street, 1939. Up the block, that little narrow alley is Clay Street; the street between the Mutual Garage and the Hotel Clark Garage is Olive. So already by 1939, there were multi-level parking structures on Bunker Hill.
USC Archive
Looking west up 4th Street from Hill Street, 1975. The Mutual Garage still existed at this point in time.
LAPL
The Mutual Garage is now the site of 2 California Plaza, seen here under construction in the early 1990s. You can see 1 California Plaza next to it, which was completed in the mid-1980s. At this point, the bridge over Olive Street which extends California Plaza where Angels Flight would have its terminus wasn't built yet.
plinko
This is what the area looks like today:
Google Earth
What is now that park on the corner of 4th and Hill (called Angels Knoll Park) would've been the site of a third office tower for California Plaza, but those plans fell through. That Olive Street bridge, however, was constructed so that it could be easily demolished or modified if ever a third office tower is to be built there.
Here's a view looking down on Hill Street in the 1960s from approximately where Angels Flight would be:
LAPL
Here's the same view from 2008:
Wikipedia
Looking at that Olive Street bridge today, you can see how high Olive Street originally was over the 3rd Street tunnel, being that Angels Flight's 33% grade was kept. So in a way, when you ascend Angels Flight today, you do end up on Olive Street-- just directly above it. This is looking north on Olive from 4th:
Google Earth
Some earlier pics of Olive and 4th, looking east on 4th...
1913
USC Archive
1922
USC Archive
1966
LAPL
Here's the same general view today:
Google Earth