Speaker Menin questions HPD on oversight and accountability mechanisms
Menin asks about HPD's oversight mechanisms to ensure management companies fulfill fiduciary responsibilities. Phillips describes working with private housing companies and overseeing property managers.
The fourth question we asked in the letter was,
to describe the oversight and accountability mechanisms that HPD utilizes to ensure management companies fulfill their fiduciary responsibilities?
So we work with the private housing companies.
The private housing companies, it's their responsibility to hire a property manager, and then we oversee the private owners and the co-op boards to ensure that the property
managers are fulfilling their requirements per the property management agreement.