Perhaps the bulk of it will come from folks (and companies?) who have driven real estate prices up to the point no working class person can afford to buy a home in any major city in California.
There may be some negative consequences to that, as well, in the form of some companies or people moving out of California. But, hey, maybe that'd help solve the housing crisis. And, it's also a competitive advantage on some vectors, so maybe it would have a net positive impact on economic growth in the state.
I, honestly, have no idea how it'd work, especially for a state that has managed to have a budget crisis seemingly every year for decades (but, maybe this is just me having a selective memory). But, the CA economy is very, very, big (the biggest, and bigger than many other states combined). If any state could do it, it would be CA.
It'd be interesting, anyway. Somebody has to go first.
Those crises were artifacts of requiring a supermajority for passing a budget, which meant as long as parties voted as blocks, the minority party could prevent the majority party from passing any budget; crises were, then, deliberately engineered to extract concessions. Since going to a majority-rule for passing budgets (retaining the supermajority requirement for tax increases), the annual budget crises have disappeared.
In practice, I wonder if there'd be a grace period, e.g. your insurance doesn't kick in until you've lived in California a year. However, since so many jobs start your insurance benefits on day 1, I'd expect this would have to as well.
On the other hand it could still work if the benefit is only available to Californians who have lived there for X years. Not sure about the legality of this though -- states can discriminate this way for in-state University tuition, but in Zobel v. Williams the Supreme Court ruled that Alaska couldn't pay out Permanent Fund dividends based on how long you had lived in Alaska (https://en.wikipedia.org/wiki/Alaska_Permanent_Fund).
[1] http://www.latimes.com/politics/la-pol-sac-jerry-brown-budge...