Please ensure Javascript is enabled for purposes of website accessibility
Wall Street Dives into Western Water Scarcity for Profit
News
By News
Published 2 years ago on
March 22, 2023

Share

Getting your Trinity Audio player ready...

Cibola, a small town in Arizona’s Sonoran Desert, is experiencing a land and water rights conflict as East Coast investment firms, including MassMutual subsidiary Greenstone Management Partners, purchase land in the region.

Critics argue that these firms are exploiting Cibola’s limited water resources for profit, especially during a period of extreme drought and reduced Colorado River water allocation for Arizona.

One controversial deal involves Greenstone’s $27 million transfer of Colorado River water from its Cibola properties to Queen Creek, a growing Phoenix suburb 200 miles away. The transfer is currently the subject of a lawsuit filed by La Paz, Mohave, and Yuma counties against the federal Bureau of Reclamation.

East Coast investment firms are also buying up land across the Southwest. New York-based Water Asset Management has made acquisitions in Arizona, California, Colorado, and Nevada, with pending deals in New Mexico and Texas.

Critics, like Andy Mueller, general manager of the Colorado River District Water District, describe these firms as “drought profiteers” who aim to extract profits from the region’s water scarcity.

Concerns have been raised that outside investment firms could benefit from a federal government pilot program providing $125 million in drought-relief funds to pay Colorado River farmers and ranchers for water conservation through fallowing their land.

Read more on CNN.com

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

Will California Meet Newsom’s 2035 EV Deadline? It Won’t Even Hit the 2026 Target 

DON'T MISS

Trump Says Putin May Not Want Peace and May Need to Be ‘Dealt With Differently’

DON'T MISS

Is It Bad to Chew Gum All Day?

DON'T MISS

Dollar Doubts Dominate Gathering of Global Economic Leaders

DON'T MISS

US Judge Temporarily Stops West Texas Immigrant Deportations Under Alien Enemies Act

DON'T MISS

Shedeur Sanders’ Long Wait Ends When Browns Take Him in the 5th Round of the NFL Draft

DON'T MISS

Only About Half of Republicans Say Trump Has Focused on the Right Priorities

DON'T MISS

ICE Deports the Mother of an Infant and a 2-Year-Old Who Is a US Citizen

DON'T MISS

Israeli Airstrike Kills 10 People, Half of Them Children

DON'T MISS

Shedeur Sanders Is Still Waiting for a Call as the NFL Draft Enters the Final Day

UP NEXT

Commercial Salmon Season Is Shut Down Again. Will CA’s Iconic Fish Ever Recover?

UP NEXT

Porterville Irrigation District Kills Partnership Amid Accusations of Power Mongering

UP NEXT

Hurtado’s Bill Seeks More Funds to Protect South Valley From Floods

UP NEXT

Order That Kept Water in the Kern River Reversed by 5th District Court of Appeal

UP NEXT

Progress Picks Up on Well Registration Efforts Among Kings County Landowners

UP NEXT

CA Snowpack Is Near-Average. What Does This Mean for Water Supplies?

UP NEXT

Westlands’ New Science Adviser Brings Deep Knowledge of Fish

UP NEXT

Tea Pot Dome Agrees to Pay $1.4M for Canal Fix, Share Pumping Data With Friant

UP NEXT

New Bill Could Reshape Tulare County Groundwater Agency’s Boundaries and Governance

UP NEXT

Madera Groundwater Agency Can Collect Fees From Farmers Amid Legal Fight

Dollar Doubts Dominate Gathering of Global Economic Leaders

2 days ago

US Judge Temporarily Stops West Texas Immigrant Deportations Under Alien Enemies Act

2 days ago

Shedeur Sanders’ Long Wait Ends When Browns Take Him in the 5th Round of the NFL Draft

2 days ago

Only About Half of Republicans Say Trump Has Focused on the Right Priorities

2 days ago

ICE Deports the Mother of an Infant and a 2-Year-Old Who Is a US Citizen

2 days ago

Israeli Airstrike Kills 10 People, Half of Them Children

2 days ago

Shedeur Sanders Is Still Waiting for a Call as the NFL Draft Enters the Final Day

2 days ago

Israel’s AI Experiments in the War in Gaza Raise Ethical Concerns

2 days ago

Paul Skenes Strikes Out 9, Wins Duel With Yamamoto in Pirates’ Victory Over Dodgers

2 days ago

Eovaldi Outlasts Verlander as Rangers Beat Giants

2 days ago

Will California Meet Newsom’s 2035 EV Deadline? It Won’t Even Hit the 2026 Target 

It was with brash confidence that Gov. Gavin Newsom announced that by 2035, the only new cars and light trucks sold in California would be e...

23 hours ago

23 hours ago

Will California Meet Newsom’s 2035 EV Deadline? It Won’t Even Hit the 2026 Target 

2 days ago

Trump Says Putin May Not Want Peace and May Need to Be ‘Dealt With Differently’

2 days ago

Is It Bad to Chew Gum All Day?

2 days ago

Dollar Doubts Dominate Gathering of Global Economic Leaders

2 days ago

US Judge Temporarily Stops West Texas Immigrant Deportations Under Alien Enemies Act

2 days ago

Shedeur Sanders’ Long Wait Ends When Browns Take Him in the 5th Round of the NFL Draft

2 days ago

Only About Half of Republicans Say Trump Has Focused on the Right Priorities

2 days ago

ICE Deports the Mother of an Infant and a 2-Year-Old Who Is a US Citizen

Help continue the work that gets you the news that matters most.

Search

Send this to a friend