There are many opinions, and I don't know the science well enough to tell you what the outcome will be long term. One town recently had its water supply cut of

There are many opinions, and I don't know the science well enough to tell you what the outcome will be long term. One town recently had its water supply cut off. But as far as I understand this wasn't so much because the town was running out of water but because the parent city it took its water from was growing very fast and needed that water for its new residents. There was something in the contract that allowed the parent city to do this. The Phoenix metro in particular has very advanced water recycling tech, most of the water that is taken in gets reused as long as its not used for irrigation (admittedly likely the majority of the water use in the city). Long term this means water will become more expensive, and the many golf resorts and hotels will probably need to change their lawns to fake turf or close up entirely. Most residences don't actually use that much water for irrigation, as a lot of the landscaping is desert-based already. Recent heavy rainstorms have lead some to believe the Sonoran desert may actually get wetter as climate change happens. And with this the state is planning to use its aquifers to store the water from those storms for the dry years. The Colorado river is low, but I believe Arizona has higher water rights than e.g. California. Meaning Southern California would lose its main water supply before the Phoenix metro would. On the other hand, I actually know at least one couple that decided to leave a couple years ago because of their concerns over water and climate change. There's also concerns regarding the water use of the exploding chip manufacturing industry being built there. These companies will require a lot of water and be able to pay the premiums even over residents.