It absolutely is. That's how water rights in this state work. You own the land, you can tap the aquifer to your heart's content. If you're poor and can't afford to chase the water table down, then you no longer get water.
It's a minefield of property rights and politics. Land owners have water rights. The state can't (or won't) just arbitrarily yank those rights without compensation. At this point, I think that compensation would be in the very high billions of dollars? I'm not sure what the value is.
Water in California is a complicated story. The right solution might be to take over the rights from the private owners and ration water in a systemic way. But politically that is still a non-starter.
If this had been foreseen way back when, with water being treated as a public resource to be auctioned to the highest bidder, we'd all be better off. But it's too late to easily switch to that. There are way too many rights-of-ownership to untangle.
Imagine if the FCC never existed, and spectrum rights were instead allocated based on who has the tallest and most powerful transmitter. That's loosely how water is currently apportioned. He who has the deepest well and thirstiest crops gets the water.
The ground is subsiding due to this[1]
See East Porterville[2] as an example
[1] https://en.wikipedia.org/wiki/Central_Valley_land_subsidence
[2] https://en.wikipedia.org/wiki/Porterville,_California#Enviro...