It will lead to a new equilibrium for sure. Whether that equilibrium is more wealth than currently exists (due to the additional buying power in consumers' hands) or less wealth (due to increasing cost of labor), I don't claim to know. But in the latter case, this decrease in total wealth would be a result of a collective decision that we value our time more than unnecessary material shit. A leaner workforce would have the incentive of higher wages. So in either case (an increase or decrease in total wealth), I'd argue that we're better off for it.
You can't eat money, nor can money cut your hair. refurb's point is that a UBI leads to a decrease in wealth, not in the amount of money in existence.