We urge you to vote No on Measure Z. There is little that demands greater precision or public trust than running a bank. Unfortunately, this tax measure and its out-of-town backers have failed to show they can deliver on either. Measure Z was written without adequate safeguards, specifics, or consultation with city officials. And now proponents are misrepresenting how it would work and who supports it. Berkeley can do better than Measure Z. Please vote No on this half-baked plan.
Measure Z would tax Berkeley residents to the tune of $58 million and then hold that money hostage to the creation of a bank that may never receive required state or federal approvals. (Do we really think federal agencies under Trump will approve Berkeley’s bank?) That’s $58 million that could be going to sidewalks, streets or parks, but could be locked away until at least 2033. And even then, those funds would face an uncertain future. What’s worse, even if a public bank is created, Measure Z allows these funds to flow out of Berkeley and into other East Bay cities that have already reversed course on participating in or funding a public bank.
Despite this, proponents have built a deceptive campaign around a slogan of “keep Berkeley money local,” even though Measure Z could do the exact opposite. And the deception doesn’t stop there: On multiple occasions, spokespeople for Measure Z have implied that Berkeley’s city auditor supports it, even though Auditor Jenny Wong had said she was taking no formal position. This misrepresentation got so bad that Wong was compelled to release a statement to reiterate her neutrality and demand proponents stop misrepresenting her position. As bad as this sort of behavior is for running a political campaign, it would be even worse for running a public bank, where honesty, transparency, and meticulousness are paramount.
Had Measure Z’s authors more carefully coordinated and consulted with key stakeholders, they might have been able to craft a measure we could support. Unfortunately, in a rush to take advantage of Berkeley taxpayers’ generosity, Measure Z also left out essential provisions to fund city oversight and auditing and, again, to ensure Berkeley money stays local until other cities ante up. Measure Z is also vague about what would happen to the funds in the event no bank is approved, even opening the door to Berkeley tax dollars subsidizing startups.
This lack of attention to detail is emblematic of how proponents have understated the challenges and risks of running a public bank. Trying to bypass large financial institutions who profit from public borrowing and whose interests may not align with Berkeley is a noble goal, but it comes with risks and costs that Measure Z proponents have not fully grappled with or made clear to the public. Berkeley voters should not pass a measure that hasn’t done its homework.
In a year where other tax measures have received solid, often unanimous support from Berkeley’s City Council, it’s notable that, as of this writing, Measure Z has so far only gotten the endorsement of a single councilmember. In their statement about why they didn’t endorse the measure, the League of Women Voters cited the same problems: a lack of regional coordination, insufficient consultation with city staff, and unfunded mandates for essential watchdog roles. And Measure Z was the only revenue measure where the Berkeley Democratic Club urged people to vote No.
We stand with these key community organizations: Berkeley would be wiser to invest in other efforts. Vote No on Measure Z.
Mark Humbert, Rashi Kesarwani and Terry Taplin are members of the Berkeley City Council representing districts 8, 1 and 2. Paul Mathew is an organizer with Within Our Means Berkeley.
The deadline to preregister to vote online or by mail in Alameda County is Oct. 19 (though you can register the day you vote if you miss that deadline). The election is Tuesday, Nov. 3. We put together a guide to the essentials of how to register and vote, what’s on the ballot and more.
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See complete 2026 election coverage on Berkeleyside.
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