Laserfiche WebLink
(b) No later than June 30 each year, beginning with the year 2022, the City <br />shall announce the amount of allowable Rent Increase based on <br />subsection (a) herein, which shall be effective as of September 1 of <br />that year. <br />Section 8-3141 — Reasonable Rate of Return. <br />This ordinance allows for an annual adjustment of Residential Real Property or <br />Mobilehome Space Rent of up to three percent (3%), or eighty (80%) of the change in <br />the Consumer Price Index, whichever is less. A Consumer Price Index -based increase <br />is found and determined to provide a just and reasonable return on an Owner's <br />property, and has been adopted to encourage good management, reward efficiency, <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 />Section 8-3142 — Fair Return Petition for Rent Increase. <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 />(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 />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 />21 <br />