Legal Question in Employment Law in California

Probably not. You will still have a paying job and the EDD takes a dim view of employees who quit their job due to dissatisfaction with their wages or so they can collect unemployment benefits. Of course, if the company is paying less than minimum wage, that would be a different story.

Your best bet is to look for a better paying job while you still have this one.

If it is a huge decrease, more than 25% as a rule of thumb, you could risk quitting and applying for unemployment, but they get to make a decision on whether that decrease could be considered a 'forced quit'. You'd be better off looking for a new job before quitting.