What do you think of Mayor Bloomberg’s attempt to change the term-limit laws (not by referendum but rather legislative directive)?

Here’s some historical context of how the NY Times thinks about changing the term-limit law:

While some call for changing the rules so that Bloomberg could stand for re-election next year, the NYT opinion is noteworthy. The New York Times complained that the term-limits law "is particularly unappealing now because . . . it would deny New Yorkers -- at a time when the city's economy is under great stress -- the right to decide for themselves whether an effective and popular mayor should stay in office."
The paper took the opposite view seven years ago, when there was talk of extending the second term of Bloomberg's predecessor, Rudy Giuliani, in the wake of 9/11. "To suggest that the city would be incapable of getting along without Mr. Giuliani . . . undermines New York's sense of self-sufficiency," said the Gray Lady. "While Mr. Giuliani has been a great leader during this crisis, the truth is that no one is indispensable."
How Times change.