Oakland
Opinion: It Is Fiscally Irresponsible to Delay a Public Bank in Oakland
The Oakland City Council this week once again postponed approval of the Public Bank of Oakland Feasibility Study, despite the testimony of many supporters and a demonstration outside City Hall of dozens of paper bills hanging from the iconic Coastal Live Oak tree, symbolizing the fact that the Public Bank will “make money grow on this tree.”
The original resolution was passed last November, seven months ago. It’s now on the agenda for the July 18 meeting, postponed for another month.
It is fiscally irresponsible to keep postponing what will be a huge benefit to the city.
The good news is they had to bring in the big guns to oppose the bank, bringing in City Administrator Sabrina Landreth to present the staff report opposing moving ahead with the feasibility study. Landreth is the highest-ranking staff person in the City.
That’s a compliment to the determination and unity of the bank’s supporters.
The excuse this time was that they want those who will benefit from the bank to pony up some of the cost of the study. That sounds reasonable until you realize that they want money from cities a quarter the size of Oakland and from the cannabis industry.
Harborside Health Center alone has, over the last 10 years, paid the over $5 million in taxes. The cost of the study, $100,000, is only 1/50 of those tax monies.
At this point, it feels as though we’re trapped in some horrible fairy tale where the evil king promises the young hero his daughter’s hand in marriage, if he just kills the fire-breathing dragon.
And when the hero obediently brings the dragon’s head to the king, he laughs and says, “And now you have to clear all my fields of rats, and then you can marry my daughter.”
Oakland can afford to spend $100,000 for this study. In fact, the city can’t afford not to spend it.
Based on the experience of the highly successful public bank of North Dakota, we are losing as much as $186,000 every day that we don’t have a bank.
That means Oakland will lose $5 million between now and the next hearing because of the City Council’s failure of nerve. This is fiscal irresponsibility.
Bay Area
Oakland Awarded $28 Million Grant from Governor Newsom to Sustain Long-Term Solutions Addressing Homelessness
Governor Gavin Newsom announced the City of Oakland has won a$28,446,565.83 grant as part of the Homeless Housing, Assistance and Prevention (HHAP) grant program. This program provides flexible grant funding to help communities support people experiencing homelessness by creating permanent housing, rental and move-in assistance, case management services, and rental subsidies, among other eligible uses.
Governor Gavin Newsom announced the City of Oakland has won a$28,446,565.83 grant as part of the Homeless Housing, Assistance and Prevention (HHAP) grant program.
This program provides flexible grant funding to help communities support people experiencing homelessness by creating permanent housing, rental and move-in assistance, case management services, and rental subsidies, among other eligible uses.
Oakland Mayor Sheng Thao and the Oakland City Administrator’s Office staff held a press conference today to discuss the grant and the City’s successful implementing of the Mayor’s Executive Order on the Encampment Management Policy.
Bay Area
Pamela Price Appoints Deputy D.A. Jennifer Kassan as New Director of Community Support Bureau
On Monday, District Attorney Pamela Price announced Deputy District Attorney Jennifer Kassan as the new director of the Community Support Bureau. Kassan has over 25 years of experience as an attorney and advisor for mission-driven enterprises including benefit corporations, low-profit limited liability companies, nonprofits, cooperatives, hybrid organizations, investment funds, and purpose trusts.
Special to The Post
On Monday, District Attorney Pamela Price announced Deputy District Attorney Jennifer Kassan as the new director of the Community Support Bureau.
Kassan has over 25 years of experience as an attorney and advisor for mission-driven enterprises including benefit corporations, low-profit limited liability companies, nonprofits, cooperatives, hybrid organizations, investment funds, and purpose trusts.
Working in the DA’s new administration since 2023, Kassan was most recently assigned to the Organized Retail Theft Prosecution team.
Kassan has a master’s degree in City Planning from the University of California, Berkeley. She received a National Science Foundation Fellowship from Yale Law School, and graduated from Yale Law School in 1995. She earned her B.A. in Psychology with a minor emphasis in Ethnic Studies from UC Berkeley.
Kassan’s education, extensive legal background, list of notable accomplishments and impressive resume includes helping to found and lead multiple organizations to support community wealth building including:
- Community Ventures, a nonprofit organization that promotes locally-based community economic development,
- the Sustainable Economies Law Center, a nonprofit that provides legal information, training, and representation to support sustainable economies
- the Force for Good Fund, a nonprofit impact investment fund
- Crowdfund Main Street, a licensed portal for regulation crowdfunding
- Opportunity Main Street, a place-based ecosystem building organization that supports under-represented entrepreneurs and provides education about community-based investing.
In addition, Kassan served as an elected member of the City Council of Fremont, California from 2018 to 2024, and on the Securities and Exchange Commission Advisory Committee on Small and Emerging Companies.
In 2020 she was named to the list of World-Changing Women in Conscious Business by SOCAP Global.
“We are excited to see Jenny accept the role as the new leader for the Community Support Bureau,” said Price. “She brings a wealth of talent, experience, and a vision to expand our office’s engagement with community groups and residents, that will level-up our
outreach programs and partnerships with local organizations with the aim of promoting crime prevention.
“We thank Interim CSB Director Esther Lemus, who is now assigned to our office’s
Restitution Unit, for her hard work and a great job fostering positive relationships between the DAO and the community.”
Bay Area
Oakland Mayor Sheng Thao’s Open Letter to Philip Dreyfuss, Recall Election’s Primary Funder
Oaklanders Defending Democracy, a group opposing the recall of Oakland Mayor Sheng Thao, shared an open letter she wrote to Philip Dreyfuss of Farallon Capital, a coal hedge fund. According to Thao’s supporters, “Dreyfuss is the primary funder of the recall effort to remove her from office. He has not explained his motivations or answered one question about why he’s funding the recall or what his agenda is for Oakland.
Special to The Post
Publishers note: Oaklanders Defending Democracy, a group opposing the recall of Oakland Mayor Sheng Thao, shared an open letter she wrote to Philip Dreyfuss of Farallon Capital, a coal hedge fund.
According to Thao’s supporters, “Dreyfuss is the primary funder of the recall effort to remove her from office. He has not explained his motivations or answered one question about why he’s funding the recall or what his agenda is for Oakland.
“All we know about him is his firm has invested over $2 billion in coal since 2022. Farallon Capital is a global hedge fund with $39 billion capital under management, headquartered in San Francisco, the supporters say.
The effort to recall Mayor Sheng Thao was built on top of an argument about a crime wave, pinning the blame for it on a newly elected Mayor. Now that crime has dropped massively, recall proponents are left with no compelling argument.
Oct. 30
Dear Philip Dreyfuss,
We haven’t met. As you know, I’m the Mayor of Oakland, elected in 2022 to serve and protect this city. Since stepping into office, I’ve tackled rising crime, homelessness, and budget challenges head-on, working tirelessly for Oakland’s future.
You are a hedge-fund manager and coal investor who doesn’t live in Oakland who is trying to buy our city government. But the people didn’t elect you, they elected me to protect them from people like you.
Shortly after my term began, you launched a campaign to remove me from office, pouring in nearly $500,000 of your own wealth. We’ll know the outcome of your campaign on Nov. 6, but let’s be clear about what’s at stake.
Since I took office, crime has dropped over 30%—we’re on track for less than 100 homicides for the first time since 2019, with 15,000 fewer crimes overall.
We’ve invested hundreds of millions into affordable housing, modernized our 911 system, streamlined construction permitting, and are fighting to make Oakland a safer and cleaner city.
If your recall succeeds, Oakland will see four mayors in just five years, another election for mayor the following year and a whopping $10 million cost to taxpayers. In other words, chaos. None of this will impact you because you don’t live here.
Oaklanders deserve to know who you are. I looked into your record and found that the hedge fund you help manage, Farallon Capital, has invested over $2 billion in coal since 2022.
For years, Oakland has stood tall against coal money threatening the health of West Oakland, Chinatown, Jack London and downtown.
Did you know that life expectancy in West Oakland is 7.5 years lower than the County average? Or that our children suffer from asthma at a rate twice as high as the rest of the County?
Philip, instead of trying to use your wealth to hijack our democracy and create chaos in our city you could have put your money where your mouth is.
Instead of investing in coal you could have invested in our young people—created scholarships for our college-bound kids, funded apprenticeships for those who want to learn a trade or helped rid our schools of lead.
Instead, you chose to divide us while you try to buy us. But I’m here to tell you, Philip, on behalf of the 450,000 residents of my city that Oakland is not for sale. NO to coal. NO to chaos. And NO to your selfish and self-serving recall.
Oakland Mayor Sheng Thao, City Hall, Oakland
-
Alameda County1 week ago
Alameda County District Attorney Pamela Price Announces $7.5 Million Settlement Agreement with Walmart
-
Activism2 weeks ago
OP-ED: Hydrogen’s Promise a Path to Cleaner Air and Jobs for Oakland
-
Activism3 weeks ago
COMMENTARY: DA Price Has Done Nothing Wrong; Oppose Her Recall
-
Activism3 weeks ago
Barbara Lee, Other Leaders, Urge Voters to Say ‘No’ to Recalls of D.A. Pamela Price, Mayor Sheng Thao
-
Community2 weeks ago
Terry T. Backs Oakland Comedy Residency by Oakland’s Luenell at Jimmy Kimmel’s Comedy Club in Las Vegas
-
Bay Area3 weeks ago
2024 Local Elections: Q&A for Oakland Unified School Candidates, District 3
-
Activism3 weeks ago
Oakland Post: Week of October 9 – 15, 2024
-
Business2 weeks ago
Study Confirms California’s $20/Hour Fast Food Wage Raises Pay Without Job Losses