This article allows for an annual adjustment of residential real property rent of up to 4%. Such an increase is found and determined to provide a just and reasonable return on an owner’s property, and has been adopted to encourage good management, reward efficiency, and discourage the flight of capital, as well as to be commensurate with returns on comparable investments, but not so high as to defeat the purpose of curtailing excessive rents and rental increases. Notwithstanding the foregoing, however, any owner of residential real property who contends that the limit on rental increases set forth in section 27-21 above will prevent the owner from receiving a fair and reasonable return on their property may petition for relief from the cap set forth in section 27-21 pursuant to the procedures set forth in section 27-23.
(Ord. No. 3013)