Berkeley Voters Weigh Property Tax to Launch Public Bank for 122,000-Resident City
Updated
Updated · The New York Times · Oct 25
Berkeley Voters Weigh Property Tax to Launch Public Bank for 122,000-Resident City
3 articles · Updated · The New York Times · Oct 25
Summary
Berkeley voters next week will decide whether to tax property owners to capitalize a city-owned public bank, a rare U.S. effort to fund one directly with taxpayer dollars.
The proposed bank would offer low-interest loans for affordable housing, community projects and small businesses while keeping local money under city control, backers say.
Supporters also frame the measure as a values-based alternative to private finance, saying the bank would avoid investments tied to fossil fuels and weapons manufacturers.
Public-bank campaigns in places including Philadelphia, New Mexico and Los Angeles have faced political and regulatory obstacles, while nearby San Francisco is voting on a narrower measure that would set up governance without raising tax funds.
The idea traces to activism after the Occupy movement and draws inspiration from North Dakota's century-old state-run bank, still an outlier in the United States.