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Ordinance No. NS - ____ <br />Page 24 of 44 <br />and discourage the flight of capital, as well as to be commensurate with returns on <br />comparable investments, but not so high as to defeat the purpose of curtailing <br />excessive Rents and rental increases. Notwithstanding the foregoing, however, any <br />Owner of Residential Real Property or a Mobilehome Park who contends that the limit <br />on rental increases set forth in Section 8-3140 above will prevent the Owner from <br />receiving a fair and reasonable return on their property may petition for relief from the <br />cap set forth in section 8-3140 pursuant to the procedures set forth in this Division. <br /> <br /> <br />Section 8-3142 – Fair Return Petition for Rent Increase. <br /> <br /> (a) A Landlord may submit a Fair Return Petition to the Program <br />Administrator in accordance with the procedures set forth in this Division requesting a <br />Rent Increase in excess of that provided in this Division in order to obtain a fair and <br />reasonable return on the Rental Unit. <br /> <br /> (b) Standard of Review. All relevant factors shall be considered when <br />evaluating a Fair Return Petition, including, but not limited to, the following: <br /> <br />1) Changes in the Consumer Price Index for All Urban Consumers in <br />the Los Angeles-Long Beach-Anaheim Metropolitan Area published <br />by the Bureau of Labor Statistics; <br />2) The Rent lawfully charged for comparable Rental Units in the City; <br />3) The length of time since the last determination on a Fair Return <br />Petition, or the last Rent Increase if no previous Fair Return Petition <br />has been made; <br />4) The completion of any rehabilitation work related to the Rental Unit, <br />and the cost thereof, including materials, labor, construction <br />interest, permit fees, and other items deemed appropriate; <br />5) Changes in property taxes or other taxes related to the Rental Unit; <br />6) Changes in the Rent paid by the Landlord for the lease of the <br />Rental Unit; <br />7) Changes in the utility charges for the Rental Unit paid by the <br />Landlord, and the extent, if any, of reimbursement from the <br />Tenants; <br />8) Changes in reasonable Operating Expenses; <br />9) Changes in Net Operating Income; <br />10) The need for repairs caused by circumstances other than ordinary <br />wear and tear; <br />11) The amount and quality of Housing Services provided by the <br />Landlord to the Tenants; <br />12) Compliance with any existing Rental Agreement lawfully entered <br />into between the Landlord and Tenants; and <br />EXHIBIT 2