San Francisco
Prop BEstablishing a Municipal Finance Corporation and a Public Bank
What your vote does
A NO vote means
The Charter stays as it is. No local law would let the City create a municipal finance corporation or a public bank. 3
Both ovals are empty on purpose. The choice is yours.
Shall the City amend the Charter to authorize the City to establish a municipal finance corporation and a public bank?
This is the exact wording from the official voter guide.
If it fails
Nothing changes if it fails
If Prop B fails, there is still no local law that lets the City create a municipal finance corporation or a public bank. Supporters say passing it now lets the City use a state law with a time limit. Opponents say existing programs, nonprofit lenders and credit unions already help. 36
Why it’s on the ballot now
A state law, AB 857 (the California Public Banking Act), created a formal way for local governments to start their own public banks. 7
In 2021, the Board of Supervisors created a Reinvestment Working Group to plan a city lender and bank. The Board unanimously accepted its plans in 2023. 7
In 2025, the Board unanimously urged the Treasurer to set up the municipal finance corporation once funding is secured. 7
Prop B would write the 2023 plan’s mission, structure and rules into the Charter. Supporters say the state law that lets cities create public banks is time-limited. 76
The money
The Controller says Prop B would not directly change City costs, since the City need not act. If the City creates the lender and bank, 2023 Working Group estimates put costs at about $310 million to $460 million over eight years, possibly much higher or lower. The Controller warns of possible significant unforeseen costs if the bank is not financially sustainable. 4
- Amount
- $310–$460 million over 8 years, if created (Controller)
- How long
- Permanent Charter change; cost estimate covers 8 years
- Who pays
- The Controller says City grants and forgivable loans unlikely to be repaid could fund the lender, based on later choices by its board, the Mayor and the Board of Supervisors. Oversight commissions could cost between $550,000 and $600,000 a year. A bank could use its income for some costs. The City would have limited control over how the lender or bank uses funds. 4
- Vote needed to pass
- Needs a simple majority (50% + 1) to passSome measures need 55% or two-thirds of votes to pass. This one needs only a simple majority.
Prop B needs a simple majority (50% plus one) of yes votes to pass. 2
Who bears the cost
City government
If it passes
- The Controller says Prop B alone would not directly change City costs, since it does not make the City create the corporation. Supporters say it is not a tax. Opponents say losses on bad loans would fall on taxpayers. 46
- If the City goes ahead, the Controller cites 2023 working group estimates of about $310 million to $460 million over eight years. They could be significantly higher or lower. The Controller warns of possible significant unforeseen costs if the bank is not financially sustainable. 4
Who’s behind it
How it got on the ballot: Board of Supervisors
On July 7, 2026, the Board of Supervisors voted 9 to 2 to put Prop B on the ballot. Supervisors Sherrill and Wong voted no. 5
Where the support comes from
Placed by who endorsed it and who funded it, not by our opinion. How we place measures
Prop B is backed by the progressive coalition groups San Francisco League of Pissed Off Voters, Harvey Milk LGBTQ Democratic Club and Democratic Socialists of America, San Francisco, and by San Francisco Labor Council and the League of Women Voters of San Francisco. It is opposed by the moderate coalition groups GrowSF, TogetherSF Action (now Blueprint SF) and the San Francisco Chamber of Commerce, and by SPUR. The San Francisco Democratic Party recommends Yes, and the San Francisco Republican Party recommends No. The largest donors to the Yes committee are Saikat Chakrabarti and The San Francisco Foundation; the No committee has reported no contributions, but independent spending against Prop B was reported, mostly by GrowSF Voter Guide and SPUR. 11810912
Endorsements
| Group | YES | NO | Neutral |
|---|---|---|---|
| Progressive slate | |||
| San Francisco League of Pissed Off Voters | Yes | ||
| Harvey Milk LGBTQ Democratic Club | Yes | ||
| Democratic Socialists of America, San Francisco | Yes | ||
| Moderate slate | |||
| GrowSF | No | ||
| TogetherSF Action (now Blueprint SF) | No | ||
| San Francisco Chamber of Commerce | No | ||
| Political parties | |||
| San Francisco Democratic Party | Yes | ||
| San Francisco Republican Party | No | ||
| San Francisco Green Party | Yes | ||
| Labor | |||
| San Francisco Labor Council | Yes | ||
| Other groups | |||
| SPUR | No | ||
| League of Women Voters of San Francisco | Yes | ||
| San Francisco Women's Political Committee | Yes | ||
| Alice B. Toklas LGBTQ Democratic Club | Yes | ||
| Edwin M. Lee Asian Pacific Democratic Club | No | ||
Follow the money
YESTop donors
One donor gave more than half of this side’s money.
- Saikat Chakrabarti$175K
Who is this?
Former Stripe engineer and former congressional candidate. Chakrabarti co-founded Justice Democrats, a PAC that works to elect progressive members of Congress. 1
- The San Francisco Foundation$125K
Who is this?
Community foundation in the San Francisco Bay Area. It was founded in 1948 and gives grants. 1
- San Francisco Public Bank Coalition$5,950
- Dylan J Hirsch-Shell$5,000
- Nick Novitski$3,500
- Jason Prado$3,000
- Christin Nicole Evans$2,500
- Jeff May$2,500
- Amy Zheng$1,750
- Social Good Fund$1,120
- The top 5 donors gave 94% of this side’s money.
- 2% came from outside San Francisco.
- 1% came from outside California.
- Independent spending (not controlled by the campaign): $1,346
Committees: Yes on B, Our City Our Bank
NOTop donors
- Independent spending (not controlled by the campaign): $27.6K
Committees: No on Prop B - San Franciscans for Fiscal Responsibility
- Yes on B, Our City Our Bank: includes $26,120 of 24-hour late contributions (Form 497) dated after its latest Form 460 period ended 2026-10-17.
- YES side independent expenditures (Form 496) of $1,346, mostly by: Council of Community Housing Organizations $1,346. These are separate from, and not included in, total_raised.
- NO side independent expenditures (Form 496) of $27,590, mostly by: GrowSF Voter Guide $21,768; SPUR - San Francisco Bay Area Planning & Urban Research Association $5,823. These are separate from, and not included in, total_raised.
- Totals are contributions reported on Form 460 (Schedule A monetary, C non-monetary, loans) plus Form 497 late reports, from Jan 2025 or the committee's 2026 start; amended filings replace the original. Unitemized gifts under $100 are in totals but not in donor lists or geography shares. Outside-SF/CA shares use itemized gifts only.
- Source cutoff: the SF Ethics Commission data on DataSF was loaded 2026-10-27 and includes filings received through 2026-10-26. as_of is the latest filing from this measure's own committees, which can be earlier.
- Committees from the June 2, 2026 election (Props A–D on business taxes, term limits and the earthquake bond) are not counted. See pipeline/config/money_committees.yaml for each exclusion.
Sources: SF Ethics Commission campaign finance transactions (DataSF pitq-e56w) · SF Ethics Commission campaign finance summary totals (DataSF 9ggq-m8hp) · SF Ethics Commission campaign filers (DataSF 4c8t-ngau)
The strongest case for and against
Each side’s best argument, written as its supporters would make it. Neither is our view.
Strongest case for
Supporters, including several Supervisors, the San Francisco Labor Council and the San Francisco Public Bank Coalition, say a public bank would make sure San Franciscans’ money benefits San Franciscans. They say it would offer affordable loans for housing, homeownership, small businesses and environmental projects. They say banking professionals, not politicians, would run it, with public oversight, and that it would follow all normal bank rules plus state rules. They say Prop B would help the City seek state, federal and charity funding it has missed out on, and use a time-limited state law. They note Prop B is not a tax. 6
Strongest case against
Opponents, including the committee No on Prop B – San Franciscans for Fiscal Responsibility and attorney Larry Marso, say Prop B creates a politically appointed lender with no dedicated funding or proven demand, amid large budget shortfalls. Marso cites the eight-year $310 million to $460 million estimate in the Controller’s statement and says taxpayers would bear losses from bad loans. Marso says City reserves could be put in the bank, adding risk, and cites the Los Angeles Community Development Bank’s collapse. Marso also says state law requires FDIC (federal deposit) insurance, which no public bank with such a mission has obtained. The committee says existing lenders and City programs already help. 64
Sources
Every fact on this page links to one of these sources.
- Official ballot question, Proposition B (en edition), SF Voter Information Pamphlet, Nov 3, 2026, p. 70
- Vote threshold for Proposition B, SF Voter Information Pamphlet, Nov 3, 2026, p. 70
- Ballot Simplification Council digest of Proposition B, SF Voter Information Pamphlet, Nov 3, 2026, p. 70
- Controller's Statement on Proposition B, SF Voter Information Pamphlet, Nov 3, 2026, p. 70-71
- How Proposition B got on the ballot (Dept. of Elections), SF Voter Information Pamphlet, Nov 3, 2026, p. 71
- Proponent's and opponent's arguments and rebuttals on Proposition B, SF Voter Information Pamphlet, Nov 3, 2026, p. 72-73
- Legal text of Proposition B, SF Voter Information Pamphlet, Nov 3, 2026, p. 181-187
- KQED Voter Guide: Prop B (supporters and opponents listed)
- SPUR: recommendations for the November 3, 2026 election
- League of Women Voters of San Francisco: recommendations for the November 3, 2026 election
- How endorsers line up on Prop B: this guide's coalition groupings (endorsement method 1.0, data as of 2026-10-27)
- Campaign finance filings as of 2026-10-26 (compiled by this guide from SF Ethics Commission campaign finance transactions (DataSF pitq-e56w); data/money/sf-2026-11-b.json, main@0dcbec8)