01
NO FUNDING PLAN
The measure appropriates nothing. The only tax proposed to pay for it was withdrawn in March 2026. The likely next step is a parcel tax — the same model Berkeley is putting on the ballot to capitalize its public bank.
SAN FRANCISCO · NOVEMBER 3, 2026 · PROPOSITION B
$459,398,391MILLION DOLLARS
That’s the estimated cost of San Francisco’s unfunded public bank controlled by City Hall politicians. Vote NO on Prop B by Nov 3.
You’ll pay the bill when this risky experiment fails.
See the facts below.
THREE FACTS. MEMORIZE THEM.
Prop B isn’t a “public bank.”It is a political lending vehicle
02
$460 MILLION
That’s the Controller’s estimate of what this experiment costs — the City’s own fiscal number, not a campaign talking point.
03
POLITICIANS PICKING LOANS
Appointed commissioners would decide who gets the money — handing loans to NGOs and political favorites. When those loans go bad, you pay.
THE COST
SAN FRANCISCOCITY HALLPUBLIC BANK
San Francisco is staring down a $1,000,000,000+ deficit. Prop B asks you to approve a City Hall bank before anyone explains how to pay for it.
TAXPAYER CHECK
$460,000,000
- Pay to
- San Francisco City Hall
- From
- San Francisco Taxpayers
- To start
- $90,000,000
- To finish
- $370,000,000
- Funding on ballot
- NONE
- Future funding sources
- Parcel tax, gross receipts tax, general fund diversion
$1,000,000,000+
Structural deficit already on the books
550 JOBS CUT
City Hall is already cutting jobs
$0
Appropriated by this charter amendment
ENDORSEMENTS
LEADERS WHO KNOW THE RISK.
THEY’RE VOTING NO.
ELECTED OFFICIALS VOTING NO ON PROP B
Daniel Lurie
Mayor of San Francisco
“Creating a new institution, rather than investing those resources directly in housing, small businesses and other critical needs, is irresponsible.”
Stephen Sherrill
District 2 Supervisor
“It is a redundant tool on top of tools that we already have and aren’t using.”
Alan Wong
District 4 Supervisor
“Asking voters to commit San Francisco to potentially running a financial institution is asking for trust the city has not yet earned.”
ORGANIZATIONS VOTING NO ON PROP B
San Francisco Chronicle Editorial Board
San Francisco Chamber of Commerce
GrowSF
ConnectedSF
SPUR
CalTax
Howard Jarvis Taxpayers Association
United Democratic Club of San Francisco
Ed Lee Democratic Club
Bay Area Council
COMMUNITY MEMBERS VOTING NO ON PROP B
- Garry Tan
- Marie Hurabiell
- Griffin Lee
- Edward Escobar
- Jackson Peterson
- Jon Coupal
- Tuan Ngo
- Larry Marso
- Leslie Huang
- Gina Tse-Louie
- Stephanie Jeong
- Dorothy Joan Leone
- Kathleen Louise Trewin
- Francesca Pastine
- Henry Karnilowicz
- Todd Greenberg
- Stefania Rose
- Seneca Scott
- Adam Mesnick
- Richie Greenberg
- Erica Sandberg
- Matt Boschetto
- Tom Wolf
- Ji Winkler
~ Partial List ~
READ THE FINE PRINT
THIS ISN’T
A BANK
FOR YOU.
California law (AB 857) forces a wholesale model. You’re being sold a people’s bank. You’re being asked to fund a finance office most San Franciscans can never touch.
CITY HALL WANTS THE POWER. YOU PAY THE BILL.
NO ACCOUNT FOR YOU
By state law, you cannot open a checking account. This is not a bank for residents.
NO DIRECT SMALL-BUSINESS LOAN
It cannot lend to your shop or restaurant. It buys slices of other lenders’ loans.
CITY CASH LOCKED OUT FOR YEARS
The Treasurer’s pool can’t capitalize it for at least five years — then only with 110% collateral.
ZERO HOMES THIS DECADE
A bank that can’t touch city deposits and can’t lend directly builds no housing now.
WHO CONTROLS THE MONEY?
THEIR EXPERTS SAID NO.
THEY DID IT ANYWAY.
Financial consultants told City Hall: keep politicians advisory-only — or risk failing federal bank approval. Prop B does the opposite.
The working group overruled them. The plan puts a politically appointed commission in binding control over hundreds of millions in public capital.
When political loans go bad, taxpayers eat the loss.
“ASKING VOTERS TO COMMIT SAN FRANCISCO TO POTENTIALLY RUNNING A FINANCIAL INSTITUTION IS ASKING FOR TRUST THE CITY HAS NOT YET EARNED.”
NORTH DAKOTA IS NOT A MODEL — IT’S A WARNING
191 OF 755
Early loans an audit said should never have been made
$8.8M LOST
By 1936 — then rescued with bailouts from other state funds
DIFFERENT RULES
ND has captive deposits & no FDIC premiums. SF won’t.
WHAT THEY’LL SAY
DON’T VOTE ON THE DREAM.
VOTE ON THE MEASURE.
“Public banks work — look at North Dakota.”
TRUTH:North Dakota nearly failed for 20 years under political lending. It was saved only when politicians were locked out of loans — the safeguard Prop B rejected.
“It will fund affordable housing.”
TRUTH:The Controller says capitalizing it takes money from housing bonds and services. This bank builds zero units this decade.
“It’s just a framework — no money yet.”
TRUTH:That’s a blank check. The only funding plan proposed was withdrawn in March. If Prop B is harmless, why the rush?
“It helps small business.”
TRUTH:State law forbids direct small-business lending. Don’t write a $460 million check for a bank that can’t serve you.
THE ASK
FIX THE DEFICIT.
PROTECT SERVICES.
VOTE NO ON B.
Tell every neighbor three facts: $460 million. No funding plan. Politicians picking loans. Then ask them to vote No on Proposition B on November 3.
- Share the facts with friends and family
- Put a sign in your yard or window
- Volunteer before Election Day