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A public bank could make affordable housing more affordable

November 17, 2019

By Sasha Perigo : sfexaminer – excerpt

video by zrans

How would a public bank fund affordable housing?

On Tuesday, Supervisor Sandra Lee Fewer introduced a resolution that establishes a timeline for creating a San Francisco public bank.

The successful implementation of a public bank could be a windfall for affordable housing advocates.

The push for a public bank has been in the works for nearly a decade. Interest in a public bank mounted during the Occupy Wall Street movement, when activists called for pulling The City’s money out of Wall Street banks. This led to then-Supervisor John Avalos commissioning the first study out of City Hall on a public bank in 2011.

Momentum picked up again in 2017 when Jackie Fielder and Kurtis Wu founded the SF Public Bank Coalition. At first the coalition focused on divestment. The logic is that if The City holds its money in a Wall Street bank like Bank of America, the bank can use it to fund projects like the Dakota Access Pipeline that run counter to San Franciscan’s values. If The City controlled its own bank, we would decide where to invest our own money.…(more)

Please get acquainted with Ellen Brown and the Public Banking Institute if you want to learn about Public Banks. They are the experts who have been championing them for decades. John Avalos is running to represent D-11 again. His return to the Board will signal his return to the effort from inside City Hall.

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