the big V was to advertise the Vincrest sub-division
The big H was to advertise Whitley Heights. (the H stood for Hobart, as in Hobart Johnstone "HJ" Whitley). it might have also stood for hollywood, as HJ, (as he was known to his friends), and his wife, were the actual people to have come up with the name Hollywood, on their honeymoon in 1886.
The H was to draw people from far away, he had another sign that spelled out the entire name in the development, but it could not be seen for miles like the big H
Source:
LAPL
and just in case you were driving by, and missed all the other signs, there was this modest reminder
Source:
LAPL