California was already a rich state before Silicon Valley, so while individual cities might run into trouble, I don't think we should expect changes in software job patterns to be a disaster for the state as a whole. Pharmaceuticals, Hollywood, and agriculture can't really go remote.
I wouldn't bet on it. Hollywood has moved tons of filming out of the State, and agriculture here is now being threatened by water reductions to farmers. Pharmaceuticals I think is still doing well.
