f{"id":52060,"date":"2026-10-10T21:29:20","date_gmt":"2026-10-11T04:29:20","guid":{"rendered":"https:\/\/occupysf.net\/?p=52060"},"modified":"2026-10-10T21:29:20","modified_gmt":"2026-10-11T04:29:20","slug":"a-public-bank-could-be-key-to-fixing-san-franciscos-affordable-housing-crisis","status":"publish","type":"post","link":"https:\/\/occupysf.net\/index.php\/2026\/10\/10\/a-public-bank-could-be-key-to-fixing-san-franciscos-affordable-housing-crisis\/","title":{"rendered":"A public bank could be key to fixing San Francisco\u2019s affordable housing crisis"},"content":{"rendered":"<div class=\"f fdc mxa mb16 sm:mb40\" data-layout=\"Layout1Column\">\n<div class=\"zone center f fdc g40\">\n<div class=\"package\">\n<section class=\"mw1200px mx20 lg:mx36 xl:mxa mb16\">\n<div class=\"f fdc sy16\">\n<div class=\"f fw aic breadcrumbSm lg:breadcrumbLg pb1 lining-nums\" data-mrf-recirculation=\"Article - Breadcrumbs\"><a class=\"hover:o70 td300 ttu c-primaryAccessible\" href=\"https:\/\/www.sfchronicle.com\/opinion\/\" data-link=\"native\" data-mrf-link=\"https:\/\/www.sfchronicle.com\/opinion\/\">Opinion<\/a><span class=\"mx4\">\/\/<\/span><a class=\"hover:o70 td300 ttu c-primaryAccessible\" href=\"https:\/\/www.sfchronicle.com\/opinion\/openforum\/\" data-link=\"native\" data-mrf-link=\"https:\/\/www.sfchronicle.com\/opinion\/openforum\/\">Open Forum<\/a><\/div>\n<div class=\"f jcb sm:aic sm:fdr sm:g0 fdc ais g16\">\n<div><\/div>\n<div class=\"f fdc sy4\"><span class=\"c-gray700 f aic g2 fw owa\"><span class=\"lg:fs16\"><span class=\"lg:largeTimestamp smallTimestamp lg:fs16\">By <\/span><span class=\"bylineSm lg:bylineLg pb1\" data-mrf-recirculation=\"Article - Byline\"><span class=\"wbbw c-gray700\">Thomas Marois<\/span><\/span><span class=\"creditSm lg:fs16 c-gray700 ml2 mr4\">,<\/span><\/span><span class=\"creditSm lg:fs16 ls0 block sm:inline\">Contributor <\/span><\/span><span class=\"smallTimestamp lg:largeTimestamp pb1 c-gray600\"><time datetime=\"2026-10-09 04:00:22\">Oct 9, 2026<\/time><\/span><\/div>\n<div class=\"aic sx12 f\">\n<div>\n<div id=\"gift-article-button\">\n<div>\n<div class=\"f noshrink mr8\"><\/div>\n<div class=\"\" data-block-type=\"text\">SFChronicle.com Gift Article<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div><\/div>\n<div class=\"b-gray500 bb pen mt16 col1Span row2 mb16 lg:gra\"><\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"f fdc lg:fdr lg:sx56 mx20 sm:mx32 xl:mxa xl:mw1200px mb20\" data-layout=\"Layout2ColumnPadded\">\n<div class=\"mnw0 sm:px40 lg:px56 x100\">\n<div class=\"package\">\n<article class=\"rel\">\n<figure class=\"rel f m0 fdc -mx20 sm:-mx40 lg:-mx56 x100vw sm:cw-80 lg:cw-112 mb32\">\n<div class=\"rel x100 block\"><picture><source srcset=\"https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_960.webp\" type=\"image\/webp\" media=\"(min-width: 1154px)\" \/><source srcset=\"https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_720.webp\" type=\"image\/webp\" media=\"(min-width: 1074px)\" \/><source srcset=\"https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_640.webp\" type=\"image\/webp\" media=\"(min-width: 1048px)\" \/><source srcset=\"https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_1080.webp\" type=\"image\/webp\" media=\"(min-width: 1024px)\" \/><source srcset=\"https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_960.webp\" type=\"image\/webp\" media=\"(min-width: 784px)\" \/><source srcset=\"https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_720.webp\" type=\"image\/webp\" media=\"(min-width: 768px)\" \/><source srcset=\"https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_960.webp\" type=\"image\/webp\" media=\"(min-width: 768px)\" \/><source srcset=\"https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_768.webp\" type=\"image\/webp\" media=\"(min-width: 720px)\" \/><source srcset=\"https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_720.webp\" type=\"image\/webp\" media=\"(min-width: 640px)\" \/><source srcset=\"https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_640.webp\" type=\"image\/webp\" media=\"(min-width: 480px)\" \/><source srcset=\"https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_480.webp\" type=\"image\/webp\" media=\"(min-width: 360px)\" \/><source srcset=\"https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_360.webp\" type=\"image\/webp\" media=\"(min-width: 240px)\" \/><source srcset=\"https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_240.webp\" type=\"image\/webp\" media=\"(max-width: 239px)\" \/><img class=\"x100 y100 opc bgpc ofcv bgscv block bg-gray200 mnh0px fill\" sizes=\"\" srcset=\"https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_80.jpg 80w, https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_160.jpg 160w, https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_240.jpg 240w, https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_360.jpg 360w, https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_480.jpg 480w, https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_640.jpg 640w, https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_720.jpg 720w, https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_960.jpg 960w, https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_1080.jpg 1080w, https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_1440.jpg 1440w, https:\/\/s.hdnux.com\/photos\/01\/67\/37\/52\/31324851\/3\/ratio3x2_1920.jpg 1920w\" alt=\"Proposition B\u2019s public bank would give San Francisco another tool to fund civic initiatives such as building affordable housing or providing loans to small businesses.\n\u00a0\" \/><\/picture><\/div><figcaption id=\"mediaCaptionAria\" class=\"f fdc g2 rel pt8 px20 sm:px0 rel\">\n<div class=\"r12zgbl0 ruduv2y\" data-server-side-rendered=\"true\">\n<p>Proposition B\u2019s public bank would give San Francisco another tool to fund civic initiatives such as building affordable housing or providing loans to small businesses.<\/p>\n<\/div>\n<p><span class=\"photoCredit c-gray600 block rel z1 mt2 mr48\">Manuel Orbegozo\/For the S.F. Chronicle<\/span><\/figcaption><\/figure>\n<div class=\"pb20\">\n<div id=\"everlit-audio-embed-container\"><iframe loading=\"lazy\" title=\"Everlit Audio Player\" src=\"https:\/\/everlit.audio\/embeds\/artl_PABnimLZ0wQ?eut=685d085afbb8b9f971b642e9c2f5dcc2&amp;ste=aHR0cHM6Ly93d3cuc2ZjaHJvbmljbGUuY29tL29waW5pb24vb3BlbmZvcnVtL2FydGljbGUvcHVibGljLWJhbmstcHJvcC1iLXNhbi1mcmFuY2lzY28tMjI0NTYzMjcucGhw&amp;ui_cover_art=false&amp;ui_title_intro=Listen%20Now:&amp;ui_title_icon=headphones&amp;pu=https%3A%2F%2Fwww.sfchronicle.com%2Fopinion%2Fopenforum%2Farticle%2Fpublic-bank-prop-b-san-francisco-22456327.php\" width=\"100%\" height=\"136px\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<div class=\"r1udwkp5 d1uy5mhj articleBody mb32\" data-block-type=\"text\" data-dropcap=\"false\">\n<p data-mrf-recirculation=\"Article - Paragraph links\">On Election Day, San Franciscans have the opportunity to authorize the first municipal public bank in the country by passing Proposition B. It\u2019s a watershed moment for the city and advocates for a fair economy across the country.<\/p>\n<\/div>\n<div class=\"r1udwkp5 d1uy5mhj articleBody mb32\" data-block-type=\"text\" data-dropcap=\"false\">\n<p data-mrf-recirculation=\"Article - Paragraph links\">While tremendously exciting, from a global perspective, San Francisco is a little late to the party.\u00a0 Public banks are a proven and tested model. In 2024, over 1,100 of these institutions worldwide held <a class=\"\" href=\"https:\/\/publicbanking.mcmaster.ca\/app\/uploads\/2024\/09\/PBP_EB_2024_01.pdf\" data-link=\"native\" data-mrf-link=\"https:\/\/publicbanking.mcmaster.ca\/app\/uploads\/2024\/09\/PBP_EB_2024_01.pdf\">$91 trillion in assets<\/a>. Public banks are a safe way to put our public money to work for the public good.<\/p>\n<\/div>\n<div class=\"r1udwkp5 d1uy5mhj articleBody mb32\" data-block-type=\"text\" data-dropcap=\"false\">\n<p data-mrf-recirculation=\"Article - Paragraph links\">San Francisco is rich in culture, innovation and diversity, but still struggles to meet its people\u2019s needs for affordable housing and inclusive economic development. A public bank can help by providing additional, values-aligned finance tools to help make our city greener, more resilient, more democratic and more affordable.<\/p>\n<\/div>\n<div class=\"r1udwkp5 d1uy5mhj articleBody mb32\" data-block-type=\"text\" data-dropcap=\"false\">\n<p data-mrf-recirculation=\"Article - Paragraph links\">Like conventional banks, public banks issue loans and make returns on those loans. However, public banks put public money to work for the people and do not need to be profit maximizers. Instead, well-designed public banks can function as policy maximizers by making sustainable returns while supporting democratically determined community needs. For example, public banks can support the affordable housing the city badly needs that is\u00a0underserved by loans from profit-maximizing, private-sector banks. Public banks take into account the public interest in their lending decisions.<\/p>\n<\/div>\n<div class=\"r1udwkp5 d1uy5mhj articleBody mb32\" data-block-type=\"text\" data-dropcap=\"false\">\n<p data-mrf-recirculation=\"Article - Paragraph links\">Public development banks, of which there are about 500, like the kind San Francisco is considering, finance around <a class=\"\" href=\"https:\/\/publicbanking.mcmaster.ca\/app\/uploads\/2025\/02\/EB-2025_03-1.pdf\" data-link=\"native\" data-mrf-link=\"https:\/\/publicbanking.mcmaster.ca\/app\/uploads\/2025\/02\/EB-2025_03-1.pdf\">10% to 12% <\/a>of the world\u2019s total investment as of 2024. And while public banks have been around for hundreds of years (the first public bank was a municipal bank created in 1401 in Barcelona), they have experienced a resurgence in interest following the 2008 global financial crisis, in response to the climate crisis and following the COVID-19 pandemic. This is because public banks can respond to crises as a matter of policy rather than profit.<\/p>\n<\/div>\n<div class=\"r1udwkp5 d1uy5mhj articleBody mb32\" data-block-type=\"text\" data-dropcap=\"false\">\n<p data-mrf-recirculation=\"Article - Paragraph links\">The publicly owned Bank of North Dakota was capitalized with $2 million in 1919, and since then, the people of North Dakota have benefited from low-cost loans provided in partnership with local credit unions and community banks for unmet needs like helping farmers recover from disasters, building workforce housing, opening childcare centers and providing financial assistance for federal employees affected by government shutdowns. <a class=\"\" href=\"https:\/\/bnd.nd.gov\/wp-content\/uploads\/2025-BND-Annual-Report.pdf\" data-link=\"native\" data-mrf-link=\"https:\/\/bnd.nd.gov\/wp-content\/uploads\/2025-BND-Annual-Report.pdf\">Last year<\/a>, the Bank of North Dakota generated $353 million in returns for the state, while also directly stimulating the local economy.<\/p>\n<\/div>\n<div class=\"r1udwkp5 d1uy5mhj articleBody mb32\" data-block-type=\"text\" data-dropcap=\"false\">\n<p data-mrf-recirculation=\"Article - Paragraph links\">The public bank of San Francisco would add another option to the city\u2019s municipal finance toolkit and work in tandem with other mechanisms, like grants and bonds, to more flexibly support public policy priorities. While it\u2019s true that bonds are essential for large-scale capital projects the city doesn\u2019t have funds for, they have some limitations; for example, because of the steep fixed costs of issuing bonds, they are not feasible for smaller projects and non-eligible spending, like fleet electrification, which a public bank can fund more cheaply and efficiently. And because public banks can make money while supporting economic development, they help cities use limited public dollars more efficiently.<\/p>\n<\/div>\n<div class=\"r1udwkp5 d1uy5mhj articleBody mb32\" data-block-type=\"text\" data-dropcap=\"false\">\n<p data-mrf-recirculation=\"Article - Paragraph links\">San Francisco\u2019s public bank would also be highly regulated, with oversight from state and federal regulators who are tasked with ensuring that all banks meet safety and soundness standards. Comparable municipally owned public banks in Canada and Europe are some of the safest and most economically efficient banks in the world. With as few as 20 employees managing $10 billion in assets, many have never suffered a loan loss\u00a0\u2014 ever.<\/p>\n<\/div>\n<div class=\"r1udwkp5 d1uy5mhj articleBody mb32\" data-block-type=\"text\" data-dropcap=\"false\">\n<p data-mrf-recirculation=\"Article - Paragraph links\">When designed as such, public banks are some of the most democratic, transparent and accountable financial institutions anywhere. Prop B calls for an independent bank oversight commission, and all board and committee members are appointed and vetted in a public process. That process includes a community outreach committee designed to ensure transparency and public engagement by issuing regular reports on the bank\u2019s work and holding town hall and focus group meetings.<\/p>\n<\/div>\n<div class=\"r1udwkp5 d1uy5mhj articleBody mb32\" data-block-type=\"text\" data-dropcap=\"false\">\n<p data-mrf-recirculation=\"Article - Paragraph links\">In Europe, public banks widely support public policy goals around social housing. For example, MuniFin (a municipally owned bank in Finland) is <a class=\"\" href=\"https:\/\/eapb.eu\/media-corner\/news\/722:finnish-system-for-affordable-social-housing-supports-social-mixing-and-brings-down-homelessness.html\" data-link=\"native\" data-mrf-link=\"https:\/\/eapb.eu\/media-corner\/news\/722:finnish-system-for-affordable-social-housing-supports-social-mixing-and-brings-down-homelessness.html\">a major supporter of not-for-profit housing<\/a> in the country, with 48% of its long-term loans going to this end. The <a class=\"\" href=\"https:\/\/publicbanking.mcmaster.ca\/app\/uploads\/2026\/02\/PB-2026.01-Municipal-Development-Bank.pdf\" data-link=\"native\" data-mrf-link=\"https:\/\/publicbanking.mcmaster.ca\/app\/uploads\/2026\/02\/PB-2026.01-Municipal-Development-Bank.pdf\">Municipal Finance Authority of British Columbia<\/a>, a bank owned by and for cities of the province, is one of the most effective and efficient banks in the world, public or private: some 20 employees manage over $10 billion in assets. While it specializes in infrastructure, like water and sanitation, it supports social housing with low-cost loans when requested by cities.<\/p>\n<\/div>\n<div class=\"r1udwkp5 d1uy5mhj articleBody mb32\" data-block-type=\"text\" data-dropcap=\"false\">\n<p data-mrf-recirculation=\"Article - Paragraph links\">Setting up public banks takes time, care and attention to detail, which is why advocates have been working for years to design a governance framework that provides democratic oversight, a high standard of professional expertise and controls to limit political influence on the bank\u2019s lending.<\/p>\n<\/div>\n<div class=\"sy32 mb32\">\n<div class=\"mb32\" data-eid=\"card-31357\">\n<div class=\"b-gray400 bb pen x100\"><\/div>\n<div class=\"f aic fdc pt24\">\n<div class=\"c-black ff-fontE fw-fontE fs-fontE md:lh11 lh12 sm:fs32 fs22 tac mb12\">About Opinion<\/div>\n<div class=\"b-primary bb pen x96px mb16\"><\/div>\n<\/div>\n<div class=\"r1udwkp5 n4l52un moduleBody mb20\" data-block-type=\"text\" data-dropcap=\"false\" data-mrf-recirculation=\"Article - More News\">\n<p>Guest opinions in <strong>Open Forum and Insight<\/strong> are produced by writers with expertise, personal experience or original insights on a subject of interest to our readers. <strong>Their views do not necessarily reflect<\/strong> the opinion of The Chronicle editorial board, which is committed to providing a diversity of ideas to our readership.<\/p>\n<\/div>\n<div class=\"r1udwkp5 n4l52un moduleBody mb20\" data-block-type=\"text\" data-dropcap=\"false\" data-mrf-recirculation=\"Article - More News\">\n<p><a class=\"\" href=\"https:\/\/www.sfchronicle.com\/standards\/\" data-link=\"native\" data-mrf-link=\"https:\/\/www.sfchronicle.com\/standards\/\"><em>Read more about our transparency and ethics policies<\/em><\/a><\/p>\n<\/div>\n<div class=\"b-gray400 bb pen x100\"><\/div>\n<\/div>\n<\/div>\n<div class=\"r1udwkp5 d1uy5mhj articleBody mb32\" data-block-type=\"text\" data-dropcap=\"false\">\n<p data-mrf-recirculation=\"Article - Paragraph links\">Like with any investment, timing is everything, which is why Prop B doesn\u2019t require the city to put any money toward starting the bank. Passing Prop B empowers San Francisco to pursue external funds to invest in the bank and decide the right way to fund this priority once the structure and safeguards are in place. Failing to pass the measure means the city loses this opportunity.<\/p>\n<\/div>\n<div class=\"r1udwkp5 d1uy5mhj articleBody mb32\" data-block-type=\"text\" data-dropcap=\"false\">\n<p data-mrf-recirculation=\"Article - Paragraph links\">The best time to start a public bank is 20 years ago, the second best time is now.<\/p>\n<\/div>\n<div class=\"r1udwkp5 d1uy5mhj articleBody mb32\" data-block-type=\"text\" data-dropcap=\"false\">\n<p class=\"cci_endnote_contact\" title=\"CCI End Note Contact\" data-mrf-recirculation=\"Article - Paragraph links\"><em>Thomas Marois is a professor of political economy at McMaster University in Ontario. He is the author of the book \u201cPublic Banks: Decarbonization, Definancialisation, and Democratisation.\u201d<\/em><\/p>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Opinion\/\/Open Forum By Thomas Marois,Contributor Oct 9, 2026 SFChronicle.com Gift Article Proposition B\u2019s public bank would give San Francisco another tool to fund civic initiatives such as building affordable housing or providing loans to small businesses. Manuel Orbegozo\/For the S.F. Chronicle On Election Day, San Franciscans have the opportunity to&#8230; <a class=\"continue-reading-link\" href=\"https:\/\/occupysf.net\/index.php\/2026\/10\/10\/a-public-bank-could-be-key-to-fixing-san-franciscos-affordable-housing-crisis\/\"> Continue reading <span class=\"meta-nav\">&rarr; <\/span><\/a><\/p>\n","protected":false},"author":395,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2174,1878],"tags":[],"class_list":["post-52060","post","type-post","status-publish","format-standard","hentry","category-public-bank","category-san-francisco-politics"],"_links":{"self":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/52060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/users\/395"}],"replies":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/comments?post=52060"}],"version-history":[{"count":1,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/52060\/revisions"}],"predecessor-version":[{"id":52061,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/52060\/revisions\/52061"}],"wp:attachment":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/media?parent=52060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/categories?post=52060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/tags?post=52060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}