The way to think about LA is as a giant tournament:

Every year, X 22 yr olds arrive looking to make it

Some prosper, stay & build families

Many (most?) never find a career that allows them to stay

They leave for cheaper CoL areas & are replaced by the next batch of 22 yr olds

1. Obviously, helps if you have family money (just like every other part of life)

2. The current crop of 22 yr olds is back home w their folks, which is why rents are down. They'll come when things open back up.

3. If we were smart, we'd fix zoning to make it easier to stay.