If Measure Z passes, over the next 6 years, Berkeley residents would pay a parcel tax of 6 cents per square foot for residential and 9 cents per square foot for commercial property improvements. The money would then be deposited into a fund to create a regional public bank that would support residents with high housing costs, climate vulnerability, starting small businesses, and unreliable federal funding.
If approved, the tax rate would rise each year based on Bay Area cost of living or California per capita income — whichever is higher. Low-income homeowners would be exempted if they file a waiver.
Supporters of the bill, such as the Coalition to Keep Berkeley Money Local, say that a local financial institution would better serve the community by financing loans at more affordable rates. Supporters highlight that 40% of Berkeley tenants are struggling to pay rent and small business owners need more access to capital.
Measure Z is funded by Friends of the Public Bank East Bay and the San Francisco Foundation, with contributions totalling close to $150,000.
However, opponents like Within Our Means Berkeley and Stop Measure Z, claim that Berkeley residents are expected to pick up the tab for the region, with no guarantee that the money would come back into their city, since loans could be given out anywhere in the East Bay.
They are also concerned that the bank may never receive state or federal approvals and worry about the nearly 60 million in taxpayer dollars that would be raised, if the bank is not chartered in the end. Their concern is that Measure Z was written without adequate safeguards or city officials, and that it leaves out provisions to fund city oversight and auditing.
They’ve pointed to the fact that Measure Z is on the ballot in Berkeley because initial polling was better there, and that so far, there are no considerable investments from Oakland or Alameda County.
A “yes” vote on Berkeley’s Measure Z would mean that Berkeley residents would pay a six-year parcel tax to support a public bank that would finance affordable housing, green energy infrastructure, and small businesses.
If you vote no, you vote against a six-year parcel tax for Berkeley residents to finance a regional public bank.
