On or after September first of each year after 1985, the maximum allowable rent for a rental unit may be increased without application to the city in an amount not to exceed seventy-five percent of the increase in the Consumer Price Index (CPI) during the preceding twelve months. Said percentage increase shall be equal to the percentage increase between the CPI last reported as of May of the prior year and the month of May of the current year.
The increase shall be annually calculated by the Commission. The amount of the permitted increase shall be rounded to the nearest one-quarter of one percent.
In the event that the CPI decreases, no increase or decrease in rents shall be authorized pursuant to this chapter.
In the event that the CPI increases by four percent or more, the annual general adjustment shall be limited to a maximum of three percent. This limit shall be effective upon adoption, and any annual general adjustment in effect at the time of adoption that exceeds the limit, shall be reduced to three percent.
(Prior code § 6409(b); Ord. 85-59 § 1, 1985; Ord. 85-59U § 1, 1985; Ord. 85-79 § 1, 1985; Ord. 85-79U § 1, 1985; Ord. 87-135 § 8, 1987; Ord. 87-135U § 8, 1987; Ord. 91-372 § 3, 1991; Ord. 94-414 § 1, 1994; Ord. 94-428 § 5, 1994; Ord. 95-440 § 1, 1995; Ord. 95-449U § 8, 1995; Ord. 96-469 § 1, 1996; Ord. 97-485 § 2, 1997; Ord. 22-1194 § 3, 2022)