Claims that Lynda and Stewart Resnick own 60–75% of California’s water are false. Through a subsidiary, the family has a stake in the Kern Water Bank, whose operations account for less than 1% of the state’s water, a UC Davis expert told AFP.
The family’s stake is held through Westside Mutual Water Company in the Kern Groundwater Bank Authority, which operates the semi-private Kern Water Bank. The Central Valley aquifer can store about 500 billion gallons. California water rights give holders the right to use water, not ownership of it, according to the State Water Resources Control Board.
California can order water-rights holders to curb use or, in some cases, revoke their rights. It can also redirect water from private operators during emergencies, though Stanford’s Felicia Marcus said those mechanisms are hard to implement. The bank’s operating radius ends far north of Los Angeles.
