Meanwhile back at the ranch ...
RedNeckGeek's Chronicle article links to another article saying while popular, new dams are the most expensive of several alternate solutions. A formal program to recharge aquifers is so new that it is considered experimental and doesn't have any funding support, although the need to halt subsidence before the aquifer space is ruined seems like an obvious way forward. (something I read elsewhere: a private investor owns the only such project running today, he gets flood water at nearly no cost and sells it back to the State for premium price later in the year).
Another alternative for flood control as well as aquifer recharge is to expand the floodplain diversion channels that are already used to bypass water around Sacramento. This bypass at times carries volume exceeding the Mississippi.
Dams remain in line for bulk of funding over cheaper alternatives - San Francisco Chronicle