Well, CA wines are, on the whole, ridiculously overpriced. A lot of people moved in on that, making it not entirely unlikely that supply now outstrips demand?

Well, CA wines are, on the whole, ridiculously overpriced. A lot of people moved in on that, making it not entirely unlikely that supply now outstrips demand? Same thing happened in various regions in France at various points in time. The viable plots will be reclaimed at some point, and make some fine wines in the future, except possibly not at the price point the original owners had in mind...