Proposition B would allow the city of San Francisco to create the governance structure for a nonprofit municipal finance corporation and public bank, which would finance projects related to affordable housing, climate infrastructure and local economic development. If passed, San Francisco would become the first U.S. city to have a municipal bank. Passes with a majority vote.
Yes Argument
The measure would put forward a process to ensure that a municipal bank in San Francisco is fiscally responsible and prioritizes public needs over profits at a time when state law has carved out a pathway to create a public bank. A public bank would provide loans for critical infrastructure, including affordable housing, small business development and environmental sustainability, offering an alternative to predatory lending and corporate financial institutions.
No Argument
San Francisco is already facing significant budget shortfalls, and the city controller’s statement on the proposed charter amendment to create a public bank says costs could range from $310 million to $460 million over an eight-year period. The public bank does not yet include dedicated funding to support its structure and faces significant hurdles to becoming a reality. The city already has tools to support housing development and small businesses.
Key Supporters
In Support
- Chyanne Chen, supervisor, San Francisco
- Jackie Fielder, supervisor, San Francisco
- Democratic Socialists of America, San Francisco
- San Francisco Climate Emergency Coalition
- San Francisco Labor Council
In Opposition
- Stephen Sherrill, supervisor, San Francisco
- Alan Wong, supervisor, San Francisco
- GrowSF