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ince taking office, Mayor Eric Adams has cultivated a close relationship with the real estate industry. He aimed to make his buildings department a welcoming environment for developers, embracing a "build, baby, build" approach. Industry leaders have been generous in their campaign contributions, drawn by his moderate politics and pro-development stance.

    Adams' affinity for the industry was on full display at the 2020 Real Estate Board of New York gala, where he rejected criticism that schmoozing with developers was a liability. "We can't divide the city," he said. However, the industry may soon lose its ally in Gracie Mansion as Adams faces federal charges of accepting bribes and fraudulent campaign donations.

    Industry leaders are concerned about how the city government will function under the cloud of an indictment. The charges cast doubt on the fate of Adams' signature housing initiative, City Planning Director Dan Garodnick's role in negotiating its passage is uncertain. With the administration reeling, the City Council has leverage to gut the proposal, targeting provisions like eliminating parking requirements and allowing taller buildings near transit.

    Adams insists he won't resign, but his appointees have already resigned, and other officials are calling for him to step down. Gov. Kathy Hochul has the authority to remove him from office, which would pave the way for Public Advocate Jumaane Williams to take over as mayor until a successor is elected.

    Industry leaders are worried about the alternatives to Adams, who pushed for several priorities in Albany, including a replacement for the expired tax break 421a. "Adams is good for the city and good for real estate," one developer said. However, some hope that sentiment in favor of building housing will endure even if Adams doesn't remain mayor.

    Former Gov. Andrew Cuomo has been mentioned as a potential candidate, despite his past actions being seen as detrimental to the industry. Adams maintains he's innocent and will fight the charges, citing his efforts to address the city's migrant crisis. Others close to him have been subpoenaed in federal investigations not mentioned in the indictment.