gn, I don’t disagree with your logic for most upscale zips.
I haven’t looked at the inventory level in RSF, but La Jolla’s inventory is ridiculously low for 8,000ish single family homes.
I am not sure the move up logic definitely works in La Jolla, Del Mar, RSF, Coronado.
I know my friends and I are the minority, but 2 of us rent and 2 own. 3 of us are looking in La Jolla and 1 in RSF, LJ, or CV. The 2 owners do not plan to sell their current homes. (All 4 of us are looking in the 1.2M to 2M range)