Mission-Driven Beneficial State Bank Endorses Proposition 10

Progressive Community Development Bank Joins Broad Coalition of
Change Makers Working Towards Economic & Social Justice in Support of
Prop 10

LOS ANGELES–(BUSINESS WIRE)–Today, Yes on 10 proudly announces Beneficial State Bank’s formal
endorsement of Proposition 10, a ballot initiative that will empower
local communities to limit skyrocketing rent increases and address the
housing affordability crisis. The Oakland-based community development
bank with branches across California and the Pacific Northwest, led by
co-founder and CEO Kat Taylor, is dedicated to corporate citizenship
while building an inclusive economy and actively working towards
solutions that make housing more affordable.

“Beneficial State strongly believes that safe, clean and comfortable housing
is a human right
. Each of us has a responsibility to advance
solutions to make that a reality — from building more affordable
housing to protecting our existing housing with reasonable limits on
rent increases,” said Kat Taylor, CEO and co-founder of Beneficial
State Bank.
“We’re proud to endorse Proposition 10 as a key step to
address this challenge. It’s high time we make decisions based on how
economics work — knowing we need a full set of solutions — instead of
old, dated theories that perpetuate the status quo of injustice and
inequity. Prop 10 will not only give our local communities a much-needed
tool to rein in staggering rents, but rent control has the potential to
help ensure socioeconomic diversity and therefore more distributed power
in our neighborhoods, ensuring a better future for all.”

Beneficial State Bank joins a broad coalition of affordable housing
providers and advocates that includes Housing California, Non-Profit
Housing Association of Northern California, Southern California
Association of Non-Profit Housing, Affordable Housing Alliance and
Council of Community Housing Organizations in supporting Proposition 10.
These organizations recognize the devastating impact the affordable
housing and homelessness crises continues to have on Californians,
including our young
people
, families,
seniors
and veterans.

Damien Goodmon, campaign director of Yes on 10, said: “Beneficial
State Bank’s support for Prop 10 speaks to their commitment to being
good corporate citizens as well as the wide-ranging support behind this
growing movement. Just as Beneficial State is creating a more inclusive
economy that works for all, Prop 10 is a vital tool towards reaching
that goal in local communities. Skyrocketing rents are now a lead driver
of income inequality in our state, which has the nation’s highest
poverty rate because of the cost of housing. We must take urgent action.”

Proposition 10 is a key step towards solving California’s
housing-affordability and homelessness crises because it will protect
California’s renters and guarantee landlords a fair rate of return, all
while laying the foundation for stronger communities. By empowering
local communities to limit rent increases and curtail predatory housing
practices, cities and counties will be able to create thoughtful laws to
address their local housing situations.

ABOUT BENEFICIAL STATE BANK

Beneficial State Bank is a state-chartered, federally-insured,
triple-bottom-line bank whose economic rights are owned entirely by the
non-profit Beneficial State Foundation, which is in turn permanently
governed in the public interest. That ownership allows the bank to prove
and maintain an innovative model for banking that generates prosperity
for people and the planet and eschews harm to any, while being
financially safe and sound. For additional information, visit www.beneficialstate.com.

ABOUT PROPOSITION 10

Proposition 10, the Affordable Housing Act, is a ballot measure that
will restore the right of local communities to set fair limits on rent
increases on all types of homes in order to address California’s housing
affordability crisis. To learn more, please visit VoteYesOnProp10.org
or find us online @VoteYesOn10.

Contacts

Yes on 10
Charly Norton
cnorton@voteyesonprop10.org
619-738-4364

leverton

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