Overview

• The Department of Finance told Sens. Scott Wiener and Jesse Arreguín it would not finalize a $750 million transit loan before the legislative session ends, putting near-term approval at risk.
• The money was set aside in June’s state budget, but repayment period and other terms must be defined in trailing legislation that has not been agreed upon.
• Newsom’s office said it is working with stakeholders to reach a deal by fall, and Mayor Daniel Lurie said talks with transit, labor and business leaders will continue Tuesday and Wednesday.
• More than 100 people rallied at San Francisco’s Civic Center and marched to a state building, with riders, unions and local officials urging immediate certainty to prevent cuts.
• Agencies say the loan is a bridge to potential funding from a 2026 ballot measure starting in 2027, warning of severe reductions including Muni’s projected 50% service cuts and BART’s worst-case 9 p.m. shutdowns, hourly trains and possible line closures.