Revision of fair rate.

On a written application from the manager of a hotel or

the owner of a lodging house or otherwise, the Rent Tribunal may, from time to time, revise the fair rate to be charged for boarding, lodging or other service in a hotel or lodging house, and fix such rate as it may deem fit having regard to any general rise or fall in the cost of living which may have occurred after the fixing of the fair rate.