“What would happen if the communists took over the Sahara Desert?” William F. Buckley asked during a discussion in 1972. “Nothing for 50 years. Then there will be a shortage of sand.” That laugh line can apply to any case in which the government — even a democratic one — has long-term control of a resource.
One could ask, “What happened after the California (and federal) government controlled the state’s water resources?” The obvious Buckley-esque answer: “Well, nothing much since construction of the State Water Project began in the early 1960s. Eventually, though, California started running out of water.”