Measure Z

City of Berkeley Public Bank Measure

Measure Z would create a special parcel tax to capitalize and support a public bank to fund investments in affordable housing, green energy/infrastructure and small businesses, at rates of $0.06/square foot of residential improvements and $0.09/square foot of non-residential improvements.

This measure requires approval by a majority of voters voting on the measure to pass.

Fiscal Impact: Measure Z is estimated to generate approximately $9,200,000 the first year and $58,300,000 over its six-year duration.

Next Alameda County Measure: Measure AA

See Endorsements for Measure Z
Backgroud

California law authorizes a local agency to create a public bank subject to the conduct of a feasibility study, approval by the California Department of Financial Protection and Innovation, and a statewide cap of two per year and a total of no more than 10 public banks in California.

Proposal

If approved, this measure would levy a special parcel tax to fund a public bank, defined as a nonprofit corporation organized under California law to engage in commercial or industrial banking business, that is wholly owned by one or more local agencies, or a joint powers authority of local agencies.

The tax would be imposed starting January 1, 2027, at a rate of $0.06 per square foot of improvements for all residential property and $0.09 per square foot of improvements for all non-residential property. Proceeds from the tax would be placed into a special fund to capitalize and support a public bank to fund long-term investments in affordable housing, green energy/infrastructure and small businesses  

Source: Measure Z Impartial Analysis

Alameda County Election Resources