This California town will give a $500 monthly stipend to residents

Just 80 miles east of Silicon Valley, one of the wealthiest regions in the country, is Stockton, California — once known as America’s foreclosure capital.

Soon, the former bankrupt city will become the first in the country to participate in a test of Universal Basic Income, also known as UBI. Stockton will give 100 residents $500 a month for 18 months, no strings attached.

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