Santa Rosa’s housing bond Measure N was defeated in the recent election, leaving the City Council without the hoped-for resources to make up for the immense costs of 2017’s post-fire rebuilding. The Friends of Public Banking Santa Rosa is pressing forward with an op-ed in the Press Democrat proposing that now is the time for the city to create a public bank:
“Measure N’s demise has made it clear that bonded indebtedness — the standard option for avoiding program cuts or new taxes — isn’t going to bail us out. … A local public bank would save hundreds of thousands of dollars annually in fees and interest payments that currently are gobbled up by the private megabanks that hold city accounts. Those monies, kept here at home, would go a long way toward surmounting our housing and infrastructure challenges.”
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