SB 1136

LOCAL GOVERNMENT

1. Line 54, introduced, after necessary.

insert

In addition to any exemptions established pursuant to this subdivision, the anti-rent gouging board shall establish rules and procedures to grant a fair return rent increase exemption, including the criteria to evaluate eligibility for the exemption and any rent increase approved under the exemption. For purposes of this subdivision, a "fair return" means a return on investment (i) sufficient to offset operating expenses and (ii) commensurate with returns on investment in other enterprises having comparable risks. The anti-rent gouging board shall not grant a fair return rent increase for any rental unit where the landlord has failed to bring the rental unit into compliance with the applicable building or housing code.