The Los Angeles City Council has voted to proceed with the next phase of planning for a public bank.
The LATimes’s Charlotte Kramon referenced JFI’s work with the Berggruen Institute on the research that undergirds this project.
In May, the Jain Family Institute and the Berggruen Institute released the final part of a report laying out what a public bank could look like, how it might benefit L.A., and what its limitations might be. The study has garnered attention from advocates and council members, who have become more open to the idea.
In the report, JFI-Berggruen suggests initiatives through a public bank could build or preserve over 17,000 affordable housing units in Los Angeles within 10 years.
The report describes how a public bank could assist with construction loans, convert multifamily housing into affordable housing stock, provide mortgage assistance, and create accessory dwelling units.
From the series:
Municipal Public Banking