Measure Z is one of seven measures on Berkeley's Nov. 3 ballot.
What it would do
It would levy a six-year parcel tax starting at 6 cents per square foot for homes and 9 cents per square foot for other buildings. The money would capitalize, and be deposited in, a regional public bank for the East Bay. The tax is projected to raise more than $9 million in its first year and $58.3 million over six years. The only other pledge so far is $750,000 from Richmond, and that is conditioned on state regulators approving a charter and Alameda County contributing.
The case for
Public Bank East Bay says it would not offer retail banking such as personal accounts or branches. Its target depositors are local governments, nonprofits, pensions, unions and foundations, and it would invest in goals like affordable housing and clean energy. A city-commissioned poll in April found 58% of likely voters inclined to support the tax.
The case against
Opponents, including Within Our Means Berkeley, call it a bait-and-switch because earlier plans counted on bigger investments from Oakland and Alameda County. "It should be regional money going to a regional effort," organizer Paul Mathew told Berkeleyside. Councilmembers Mark Humbert, Rashi Kesarwani and Terry Taplin co-signed an opinion piece against it.
The money
The yes committee, the Committee to Keep Berkeley Money Local, had raised $190,114 in cash and loans as of Oct. 22. Berkeleyside reports that only $2,170 of it came from within Berkeley. A "No on Measure Z" committee had reported no contributions as of last week.