Live somewhere posh? (6)

I believe the answer is:

reside

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'live' is the definition.
(residing is a kind of living)

I cannot understand how the rest of the clue works.

(Other definitions for reside that I've seen before include "Inhabit" , "Dwell permanently" , "Dwell in desire" , "Dwell, be present (in)" , "Make one's home permanently" .)

I've seen this clue in the Evening Standard.

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