The mayor of Stockton, California, is leading an experiment with "universal basic income," which is set to start by giving low-income residents $500 a month, no questions asked.

Mayor Michael Tubbs calls his city "ground zero" for issues like wage stagnation, rising housing prices and loss of middle-class jobs that affect the nation.

The Central Valley city went bankrupt in 2012, and for decades it has been trying to diversify its agriculture-based economy.

"I feel that as mayor it's my responsibility to do all I could to begin figuring out what's the best way to make sure that folks in our community have a real economic floor," Tubbs said.

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