This former foreclosure capital in California just granted 100 residents a Universal Basic Income

According to CNN Money, the foreclosure capital of America (Stockton, California), has granted 100 residents a $500 per month Universal Basic Income. Stockton is just 80 miles east of Silicon Valley; the wealthiest region in the country and home to the nation's tech industry.

This concept is reportedly backed by Silicon Valley giants including Chris Hughes, the co-founder of Facebook; Elon Musk, founder of Tesla and SpaceX; and Mark Zuckerberg.

One in four residents in Stockton, California, apparently lives in poverty says the report. The town of 300,000 residents was the perfect place to test UBI because, according to a co-chair of the Economic Security Project, Stockton looks a lot like the rest of America. The average annual household income is $49,271 compared to $57,617 nationally.

It's also worth noting that 70 percent of the residents are minorities. The project launches in 2019 and analysts will determine whether this impacts people living in poverty in a positive way and whether it empowers women.

See the clip above to hear what Pat thinks of this move.

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