There is a story in today's Daily News that suggests that idea of a special election to vote on term limits next year is being floated:
http://www.nydailynews.com/ny_local/2008/09/20/2008-09-20_voters_may_have_a_say_in_termlimit_debat.html
This idea might be seen as more palatable than having the City Council revise term limits by vote.
The problem is that such a special election would end up being less about term limits than about one Michael Bloomberg. They could wait and put the referendum on the November 2009 ballot but then Bloomberg wouldn't benefit from it now would he?
What Mike Bloomberg and his people will say is that the city, state and country are in such a dire economic crisis that this is no time to change administrations at city hall. That none of Mike Bloomberg's potential replacements can come in and handle this crisis, and given the extraordinary times ahead we need to keep Mayor Mike there for the time being to help the city ride out the storm.
This makes a potential special election on term limits basically a vote on keeping Bloomberg, and you might see voters who are opposed to changing term limits actually vote *for* the referendum due to the dire circumstances. Still a special election does seem better than a city hall vote. Let the voters decide on whether to revise term limits.