California
3 nov
Establish a six-year parcel tax of $0.06 per square foot of residential improvements and $0.09 per square foot of nonresidential improvements to capitalize and support a public bank financing affordable housing, green energy and infrastructure, and small businesses
En tu boleta
Shall the measure creating a special parcel tax to capitalize and support a public bank to fund investments in affordable housing, green energy/infrastructure and small businesses, at rates of $0.06/square foot of residential improvements and $0.09/square foot of non-residential improvements, estimated to generate approximately $9,200,000 the first year and $58,300,000 over its six-year duration, with funds subject to review, allocation and approval by the City Council and regular audits, be adopted?
5
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Berkeley Democratic Club's Voting Group
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Under traditional banking practices, private, for-profit entities owned by investors loan money for projects at high interest rates. In contrast, public banks are owned by government institutions and can use taxpayer dollars to finance local projects such as affordable housing, clean energy, and other investments. Measure Z in Berkeley would charge a temporary parcel tax of 6 cents per square foot of residential improvements, or 9 cents per square foot of commercial improvements, for six years, generating $9.2 million per year. Public banks loan to local institutions like community banks and credit unions, and stipulate how the funds are used. Several cities are pursuing public banks following state legislation passed in 2020 that outlines the process for localities to create them. If passed, Berkeley would be the first public bank in California. Vote Yes on Measure Z in Berkeley.