Personally it hasn't effected me really tbh, sounds like you have it a lot worse over there. Power always stays on, always water in the tap so far. Really, this drought in all likelihood won't effect my generation too severely because of the massive underground aquifer that california sits on. There is still 50-100 years of water underground at the rate we are drilling it. Unless you are a farmer or work directly for one then you probably aren't effected by the drought much, other than maybe minimally more expensive produce and grocery. If you are a farmer, you will likely have to drill a well, or drill your existing well deeper. There are many profiting massively, like agriculture well drillers and pump guys. For some, the drought has been a time of profits never seen before.
People are still watering lawns and other decorative vegetation, crapping in portable water, and so on. Local municipals are cracking down ever so slightly because IMO no one wants to be the first one to draw the line in the sand. I don't personally think the drought is as bad as some might make it out to be, but then again I am not directly involved in farming and other occupations heavily dependent upon a massive source of fresh water. A farmer in the Fresno-Bakersfield area might talk a little differently about current affairs.
One thing that can't be denied or argued though is that if we continue this path there will be hell to pay. Perhaps not our generation or in our lifetime, but at some point resource will be depleted. There are many ways in which we should and could improve the situation, things like no fresh water to be used on lawns, requiring households to set up a grey water system in which waste water(but not heavily contaminated) can be used for purposes like toilets and watering vegetation, as well as innovations in things like the way in which farmers irrigate their crops.
Things most definitely need to change or crisis will occur, but I wouldn't say that we have reached a state of emergency yet.