Sec. 6-203

Citation: Sec. 6-203
Parent Document: Portland City Code ch. 6
Jurisdiction: Portland (municipal)
Original Source: https://www.portlandmaine.gov/asset/c5af4c63-b877-4ea8-9d29-8420cbad7717 ↗

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allowable increase percentage shall be determined on September 1
of each year beginning on September 1, 2021, and shall be equal
to 70 percent of the change in the Consumer Price Index (CPI-U)
for Greater Boston Metro Area for the preceding twelve (12)
months, as published in August by the United States Bureau of
Labor Statistics or its designee. For the purposes of this
ordinance, the Rent Board shall presume that the Allowable
increase percentage is sufficient to allow a reasonably prudent
landlord who received a fair return on investment prior to the
enactment of this ordinance to continue to maintain a fair net
operating income that increases over time at a just and
reasonable rate, yielding a fair return on investment under the
normal course of doing business.

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