The state has already put a hold on any new lots of over 5 in quantity that do not have some form of approved water rights with the property. Water rights are usually approved with a 50 year promise that the water company will supply water. They are already having concerns with that forecast, hence the pause on new lot permits. The work around are these "build to rent" homes, mobile parks, or apartments thay are just 1 lot and still getting a pass.
Regardless, what is now being done is recharge basins where they are drilling holes, basically like wells, that will help recharge the under ground aquifers.
It is something to think about for sure but the state is somewhat making moves to mitigate the long term effects.
I'm more worried about electricity. My BIL helps "buy energy" for SRP. The shenanigans that thre AZ commission is pulling with SRP to force them to go green is gonna absolutely increase costs to the consumer that are unheard of.