# Oakland's surplus mirage sets the stage for a $34 million tax increase

Page: https://stenobird.com/podcast/oakland-report-podcast-7144709/oakland-s-surplus-mirage-sets-the-stage-for-a-34-million-tax-increase
Text version: https://stenobird.com/podcast/oakland-report-podcast-7144709/oakland-s-surplus-mirage-sets-the-stage-for-a-34-million-tax-increase.md
Podcast: [Oakland Report Podcast](https://stenobird.com/podcast/oakland-report-podcast-7144709)
Published: 2026-02-28T14:00:00+00:00
Episode link: https://www.oaklandreport.org/p/oaklands-surplus-mirage-sets-the
Audio file: https://api.substack.com/feed/podcast/189387677/07ddbab1742a3ebb55044a13d5003eda.mp3
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Duration seconds: 361

## Resource

This six-minute video explainer is based on our parcel tax exposé, “44% of Oakland’s proposed $34 million tax increase would go to union payouts,” published on February 22. We invite you to check it out, and share your thoughts. A full transcript of the video is also provided below. Thank you. — Oakland Report editorial board You can read the full text and primary source evidence in our exposé here: Video transcript Welcome to the explainer. Today we are digging into a really puzzling situation unfolding in Oakland, California. It’s a story about a city surplus that, well, might not be what it appears to be, and it involves a new tax that could hit every single homeowner. All right, let’s just jump right into the heart of the matter, because this is the paradox we need to unpack. How on earth can the city of Oakland be telling its residents two completely opposite stories about its finances at the exact same time? It just doesn’t add up. So on one side, you have this big announcement back in February of a $73.6 million surplus. Sounds great right? But on the other side, the city is still operating under an official declaration of “extreme fiscal necessity.” A surplus and a state of emergency at the same time? You have to ask yourself what is actually going on with the city’s money? To really get this, we’ve got to go back a bit to the union contracts that were signed in September of 2025. This right here is where the whole thing kicks off. So right out of the gate, those contracts handed out over $10 million in cash bonuses to union employees. And that money, it came directly from taxpayers. But believe me, that was just the start. Now, here is the real kicker. An even more substantial amount of money. We’re talking almost $15 million in raises was also put on the tabl…

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## Transcript

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