I haven't been following this recently; are they confiscating people's fragrances, now?! If not, then compensation wouldn't be in order.
But I think this issue is most relevant for this who go for heavy sillage.
Regardless of what anyone says, at a de facto level this measure is discretionary, and can only be reinforced (and is only likely to be reinforced) if someone can be easily smelled from quite a ways away. After all, if they're going to come sniffing about inside our personal spaces, how are they going to distinguish between someone wearing fragrance, and someone who's used a fragranced shampoo/body cleanser/lotion/deodorant/detergent/fabric softener? This piece of legislation would only be possible to reinforce if it were to be accompanied by a ban on the sale of fragranced products, and ensuring that any and all visitors did not bring such products to the city with them.
Try to find fragrance-free products; even in NYC I have to hunt high and low to find any sort of selection.
My point? There is simply no way that that they're going to pull fragranced products (about 95% of what's out there, at a guess) off the shelves. And if they don't do that, they can't enforce sweeping bans on fragrance.
There is a positive side: If fragrance is applied discreetly, not only is it extremely unlikely that a problem would be encountered even in cities with fragrance bans, but bottles will last much longer.