Berkeley and San Francisco Vote on Public Bank Measures

Voters in Berkeley and San Francisco, California, will decide on Tuesday, November 4, 2026, whether to establish local public banks. Both initiatives aim to redirect capital toward affordable housing, small businesses, and environmental projects while prohibiting investments in fossil fuels, tobacco, weapons, and prisons.

In Berkeley, Measure Z proposes a six-year parcel tax on residential and nonresidential improvements to raise approximately $58.3 million. These funds would establish a regional public bank for the East Bay. While the group Keep Berkeley Money Local supports the measure to keep public funds within the community, the organization Affordable Berkeley has questioned why Berkeley would be the sole city funding a regional institution.

In San Francisco, Proposition B seeks to amend the city charter to create a municipal finance corporation. This nonprofit lender would not accept deposits initially but could transition into a full public bank after three years. San Francisco Supervisor Jackie Fielder supports the measure as a way to create an accountable banking institution, while Supervisor Alan Wong opposed placing the proposition on the ballot, citing concerns over the city's ability to meet such demands.

Both measures face significant hurdles even if approved by voters. They require state authorization under a 2020 California framework and must secure federal insurance before they can become operational.