01
$310 MILLION
That’s what the City’s own plan says this bank costs over eight years — $90 million just to open the door.
SAN FRANCISCO · NOVEMBER 3, 2026
NOON THE CITY HALL BANK
$310 million. No funding plan. Politicians picking the loans. You pay the TAX for it.
You pay the bill. See the facts below.
THREE FACTS. MEMORIZE THEM.
This isn’t a “public bank.” It’s a blank check.
02
NO FUNDING PLAN
The measure appropriates nothing. The only tax proposed to pay for it was withdrawn in March 2026.
03
POLITICIANS PICK LOANS
Their own consultants warned against binding political control. City Hall did it anyway.
THE COST
$310MILLION
San Francisco is staring down a billion-dollar deficit. This measure asks you to approve a City Hall bank before anyone tells you how to pay for it.
TAXPAYER CHECK
$310,000,000
- Pay to
- __________
- To start
- $90M
- To finish
- $220M
- Funding on ballot
- NONE
Source: SF Reinvestment Working Group Business Plan, 2023.
$1B
Structural deficit already on the books
WITHDRAWN
The tax meant to fund the bank — gone March 2026
$0
Appropriated by this charter amendment
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 will 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.
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 this measure 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 it’s harmless, why the rush?
“It helps small business.”
TRUTH:State law forbids direct small-business lending. Don’t write a $310 million check for a bank that can’t serve you.
THE ASK
FIX THE DEFICIT.
PROTECT SERVICES.
VOTE NO.
Tell every neighbor three facts: $310 million. No funding plan. Politicians picking loans. Then ask them to vote No on November 3.
- Share the facts with friends and family
- Put a sign in your yard or window
- Volunteer before Election Day