San Franciscans voted in favor of Proposition B, the city’s first public‑bank measure, with 52.3% of the vote counted as of 4 p.m. on Sunday, according to Mission Local. With roughly 6,200 ballots still uncounted, the San Francisco Public Bank Coalition declared victory on Monday morning.
“Together we made history, and in 100 years San Franciscans will assume the Public Bank has always been here to provide for us, like our airport, our roads, like the very water from the Hetch Hetchy,” said Misha Steier, spokesperson for the coalition. Co‑founder Supervisor Jackie Fielder added that the bank aims to help working residents facing rising living costs and climate challenges by investing in housing, environmental protection and community infrastructure.
Prop. B would create a municipal finance corporation staffed by banking professionals and overseen by a board of directors and commissions. Funding sources could include federal money, state grants and philanthropic contributions. The corporation must demonstrate success over its first three years before it can apply for a state banking charter, obtain approval from the California Department of Financial Protection and Innovation, and secure FDIC deposit insurance.
Opponents, including Mayor Daniel Lurie, who did not actively campaign against the measure, and groups such as GrowSF and the think tank SPUR, warned that a city‑run bank could be costly and risky. On election night the measure trailed 49.8% to 50.2% with a 630‑vote margin, but later returns shifted the lead, and the final count confirmed passage.
Supervisor Chyanne Chen, who led the legislative effort to place the measure on the ballot, expressed optimism about new federal funding avenues now that Democrats control the House and Senate. The next steps involve the finance corporation operating for three years, then filing for a state charter and FDIC insurance, which will determine whether the public bank becomes a fully fledged city‑owned institution.
Sources: missionlocal.org, lemmy.ml, missionlocal.org
