The components of the PIOC and their cost information are as follows:
The PIOC is projected to rise in every category for 2010, with estimates projected at 2.
Dan Margulies, executive director of the Community Housing Improvement Program (CHIP), a middle market owners group, was among those who testified before the RGB and told the RGB the fuel costs and high PIOC
cannot be ignored.
The Rent Stabilization Association, for instance, has also called for recompiling the PIOC
, rather than making adjustments based only from year to year.
For the first time, the RGB study notes, the PIOC and the RPIE data provided identical results, showing a growth in expenses of 1.
The PIOC, which is based on costs expected to be paid to vendors on an April to April cycle, reacts faster when expenses are going up.
There has to be a change," said Joseph Strasburg, president of the Rent Stabilization Association (RSA), which represents 25,000 owners, in referring to the weight given to each PIOC cost.
doesn't account for the expenses small building owners face," Tiemann said.
By measuring and aggregating many types of cost changes - real estate taxes, attorney fees, toilet seats, and dozens of other items - the PIOC shows how landlords' "cost of living" has changed in the previous year.
Together, these two components were responsible for more than half of the overall increase in the PIOC.
In addition to computing the regular Price Index this year, the RGB also calculated at "core" PIOC which excludes the erratic changes in fuel oil, natural gas, and electricity costs.