Measure Z: Initiative - Public Bank Measure

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.