In this episode of  "Kiss My Assets," we welcome special guest Alexandra Arboleda, an attorney who specializes in water law in Arizona. Here, we discuss the water situation in Arizona, which is a topic of concern for many investors. The conversation revolves around the sources of water in Arizona, including groundwater, Colorado River water, surface water supplies, and reclaimed water. 

Arboleda discusses the potential impact of water shortages on cities and the timing of restrictions, while putting an emphasis on the importance of conservation measures and the implementation of restrictive measures as the water shortage worsens. It is noted that agriculture accounts for a significant portion of water usage in Arizona, with approximately 70-80% of water supplies being used for agriculture.

The conversation highlights the efforts made in Arizona to conserve water, including the implementation of conservation requirements for municipal, industrial, and agricultural users. The restriction of new agricultural lands since 1980 has also contributed to water conservation. The interviewee emphasizes the need for a combination of strategies such as conservation, water reuse, augmentation, and the adoption of new technologies to ensure a sustainable water supply in the future.

Regarding long-term investments in Arizona, the interviewee advises considering the location of the property, the water provider's portfolio, and the resilience and management of their water supplies. If the water sources are diverse and well-managed, investing in Arizona is seen as a viable option due to the state's growing economy.

Overall, an overview of the water situation in Arizona, including the challenges posed by water shortages and the measures being taken to address them. It emphasizes the importance of water conservation and the need for a multi-faceted approach to ensure a sustainable water supply in the future.