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EXHIBIT 2 <br />(b) No later than June 30th 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 1st of that <br />year. <br />Section 8- 23141 — 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 the <br />Consumer Price Index, whichever is less. A Consumer Price Index -based increase is <br />found and determined to provide a just and reasonable return on an owner's property, <br />and has been adopted to encourage good management, reward efficiency, and <br />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 on <br />rental increases set forth in Section 8-1 a�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 8-1 a�3140 pursuant to the procedures set forth in +�8 <br />1 a�this Division. <br />Section 8-10�3142 — Fair Return Petition for Rent Increase. <br />OMAN ._.1111 <br />. .. .. <br />._ <br />._ <br />,.. <br />. . - . <br />Order <br />Page I- 25 — 28 10/4/2022 <br />O <br />