Prop B San Francisco

Proposition B amends the San Francisco City Charter to authorize a Municipal Finance Corporation now and a public bank later. That is the entire legal effect of a Yes vote.

The ballot question is: “Shall the City amend the Charter to authorize the City to establish a municipal finance corporation and a public bank?”

It does not open on election night. It does not appropriate money. It does not let residents open checking accounts. It writes the mission, principles, and governance into the Charter, so unwinding it later requires another citywide election — not ordinary legislation.

The City Controller, citing San Francisco’s 2023 Reinvestment Working Group plan, estimates $310 million to $460 million over eight years if the City proceeds with the corporation and then the bank. Supporters have talked about roughly $325 million in startup capital before a single loan is issued.

The measure itself spends $0. A gross-receipts tax meant to capitalize the bank was introduced in February 2026 and withdrawn in March. “It costs nothing on the ballot” is not fiscal discipline. It is a blank check: lock the structure in first, fight the tax later.

San Francisco is already closing a roughly $640 million deficit. Loan losses would fall on taxpayers, not private shareholders.

Each oversight commission has nine seats. The Board of Supervisors appoints four — the plurality. The Mayor appoints two. The Treasurer-Tax Collector, Controller, and City Attorney appoint one each.

Current and recent politicians are barred from serving. Their staffers, donors, and political appointees are not. Undefined bans on “predatory lending,” fossil fuels, weapons, and labor-law violators would be interpreted by those same commissions.

The San Francisco Chronicle editorial board recommends No. Mayor Daniel Lurie has said creating a new institution instead of putting scarce dollars directly into housing and small businesses is irresponsible. Supervisors Alan Wong and Stephen Sherrill voted against placing the measure on the ballot.

This committee — NO on Proposition B – San Franciscans for Fiscal Responsibility (FPPC #1494608) — is the official opposition. If the idea were ready, it would come with a funding plan, a consumer product, and a business case that survives the Controller’s numbers. It does not.