There is no need to frack in this area.
Oil literally oozes out of the ground, and they have made it a sin to take that.
Beverly Hills probably has the natural resources that almost single-handedly would pull California out of its economic funk.
First, they cut off all irrigation water for the lawns, and divert this flow to the agricultural areas, thus enabling the state to regain its high levels of production that has fed itself and America so well. Then, confiscate all wealth in Beverly Hills in excess of $l00,000 (not income, you understand, but WEALTH), and use that fund to retire the outstanding bonds the state legislature has authorized to finance all the old schemes for state welfare, and put it all on a pay-as-you-go basis. Then, the now depopulated locality is declared unincorporated area, and subject to the same laws that apply to all other unincorporated areas in the state of California.
After the area is disincorporated, then the fracking may proceed, and the cash flow into the state coffers fully compensates for whatever revenues the old iteration of Beverly Hills.