When was the Los Angeles street trackage torn out?

Around Industrial street and Jesse Street in Los Angeles just west of the river, there was a large network of street trackage. Back in the 80s several movies were filmed here. In those movies you could see wooden crossbucks all over the place. Today the trackage is all gone. The area is now all redeveloped with new buildings. Some of the older buildings you can see where the tracked used to go.

Why did UP remove all this trackage and does anyone know when it was removed? I'm going to guess the business was not worth it and the land was $$$.