R
eal estate leaders in New York City have been largely silent since Mayor Eric Adams' indictment on bribery charges, despite his plummeting approval ratings and calls for his resignation. A poll found that 53% of voters want Adams to step down, while 40% think he should serve out his term. Industry views the scandal as a major blow, but some see it as an opportunity for City Hall's professionals to take charge.

    The Partnership for New York City, which represents the city's largest companies, appreciates Adams' policies on public safety, jobs, and affordable housing. However, they acknowledge that his indictment is a disappointment. Gov. Kathy Hochul has helped stabilize the administration by pushing out "agents of chaos," as one businessperson dubbed Adams' cronies.

    While Adams continues to defy conventional wisdom and stand by his friends, Hochul has the power to remove him from office. The business community is more concerned with who remains in key positions, including Deputy Mayors Maria Torres-Springer and Meera Joshi, Commissioners Dan Garodnick and James Oddo, and Economic Development Corporation President Andrew Kimball.

    The mayor's forced retreat from policy-making has empowered City Hall's professionals to do their jobs. Business leaders can also help the city get what it needs from the City Council, Albany, and Washington D.C. "Political capital can be your own or borrowed," said Kathryn Wylde, president of the Partnership for New York City.

    Real estate leaders are hesitant to push Adams to quit due to concerns that he won't listen and a lack of confidence in potential replacements. Campaign finance reform and pay-to-play rules have limited their power in city government. Wylde notes that it's inappropriate for others to interfere with the legal and political process, especially without accountability.