San Francisco voters will decide this November whether the city should take the first step toward creating what could become the first city-run public bank in the nation.

Why it matters: Supporters say a public bank could help finance affordable housing, small businesses and green infrastructure — projects that often struggle to get affordable loans from traditional banks.

Driving the news: The Board of Supervisors voted 9-2 this week to place the measure on the Nov. 3 ballot.

• Supervisors Alan Wong and Stephen Sherrill dissented.

How it works: The ballot measure would create a municipal finance corporation — essentially the governance framework for a future public bank, KQED reports.

• The bank would be run by professional bankers, but with public oversight. The city attorney, controller, treasurer-tax collector, mayor and supervisors would have appointment power.
• The proposal would prohibit lending to fossil fuel companies and weapons manufacturers.

Yes, but: The measure would not provide the money needed to launch the bank, which would require about $325 million in startup capital before it could begin issuing loans, Mission Local reports.

• Backers have floated a tax on large financial institutions, philanthropic dollars or other public funding sources as potential options.

What they're saying: District 9 Supervisor Jackie Fielder, a longtime public bank advocate, said at this week's meeting the proposal is about creating a financial institution "run by real bankers," while still keeping it accountable to "public policy priorities," per KQED.

The other side: Wong warned that running a financial institution requires discipline, transparency and banking expertise, adding the city is asking voters for trust "it has not yet earned."

• "Our city's track record shows that meeting those demands is harder than it sounds, even for institutions designed with the right intentions," he said.

Zoom out: Public banks are rare in the U.S.

• The Bank of North Dakota is the only existing one, though they're more common globally.

What we're watching: If voters approve the measure, the city would still need additional legislation and a funding plan before the bank could realistically open.

• And that must be done before California's law authorizing cities to create public banks expires in 2028.

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LeBron James is on the move again, and suddenly every NBA city thinks it has a shot.

Why it matters: Even at 41, James remains one of basketball's defining figures. He's the league's all-time leading scorer, a four-time champion and one of the only active players whose arrival could instantly alter the trajectory, relevance and national profile of a franchise.

• So naturally, we asked Axios reporters across the country to make their best pitch.

🃏 Here's ours:

🌉 LeBron, you've spent years trying to beat Steph Curry. Maybe it's time to see what happens when you're on the same side.

• The Warriors know what championship basketball looks like, and pairing two of the greatest players of their generation would instantly create one of the NBA's most formidable duos.
• Then there's the Bay itself. On an off day, you could hike among redwoods, catch a Giants game or eat your way through Chinatown or the Mission — all before the fog rolls in. Plenty of cities can offer another season, but San Francisco offers a chance to spend it somewhere unlike anywhere else in the league.

What other cities are saying

🏬 A deal to buy the shuttered downtown SF Centre mall has fallen apart, sending the vacant property back on the market after prospective developers walked away from the purchase. (SF Chronicle)

🚧 The Tenderloin Museum has closed through the end of July due to an unspecified facility issue. (SFGATE)

🎓A growing number of UC Berkeley faculty are pushing to bring back SAT/ACT math scores for STEM admissions, arguing standardized tests are needed to better gauge students' college math readiness. (SF Standard)

🐶 PetSmart's store at 2675 Geary Blvd. — home to one of the city's largest dog daycare operations — will permanently close July 19. (SFGATE)

🌿 San Francisco supervisors advanced legislation that would create new permits for licensed cannabis lounges that serve food, nonalcoholic drinks and host live entertainment, paving the way for Amsterdam-style cafés in the city. (NBC Bay Area)

Pre-pandemic, we all had at least one (or several) of those nights where the Tamale Lady came to save us from our bar-hopping hunger.

Catch up quick: Virginia Ramos, who died in 2018, became a beloved fixture by feeding generations of night owls, musicians and bartenders.

• It was a familiar scene: You're shoulder-to-shoulder in a packed Mission bar when Ramos would walk in, lighting up people's eyes as she offered exactly what everyone suddenly realized they needed — a hot tamale.

That late-night ritual will be celebrated once again this Saturday at Zeitgeist with a screening of "Our Lady of Tamale," numerous live bands and, naturally, plenty of tamales.

• The annual event honors the woman whose homemade tamales became a rite of passage for so many of us.

If you go: 4:20pm, Saturday at 199 Valencia St.