Especially if you're retired i.e. don't have to deal with rush-hour traffic. Lots and lots of retirees too.
I miss California terribly but no way I'm living in a house as nice as the one I have here ... there. Let alone owning it. Property value is going up quickly though so if you're going to buy, best get to steppin!
It's a bit of a risk seeing as how, yeah, the water could more or less run out at some point and then everyone will flee and property values would tank ... but every place has some kind of risk. California could fall off into the ocean, there's fires, mudslides, floods and earthquakes.
If you need to ... just do it, I'd say. You've lived here before the only real change is a lot more buildings and less rednecks and a few more +100 days (that's what AC is for) 
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