Los Angeles makes a lot of sense for the setting, I expect they're are going to play on the state of the world economy a lot, and there's plenty of upper-class lower-class divide about in it. I expect the guy you're playing gets forced back into a life of crime after he loses his house to foreclosure/ business goes down the pan, or something of that sort. Just in that trailer there's a shot of a foreclosed house going up for sale, as well as a slum of non-hobo-like people living out of tents with household possessions surrounding them.
I must admit, I keep coming back to that trailer, and it's brining me round. Beginning to get a real craving for more of the GTA action
.