"A lot of CA people explicitly treat their home equity as their retirement fund, planning to "cash it out" when they retire. " And where do they move then? To

"A lot of CA people explicitly treat their home equity as their retirement fund, planning to "cash it out" when they retire. " And where do they move then? To an equally expensive (per sq.ft.) but smaller apartment? Where I live (not california) I know literally zero parents who have moved out of the house they raised their children after retirement. It seems that only people who inherit their parents houses stand to benefit from rising prices in any way.