Ron Lauder, the heir to a cosmetics fortune, bankrolled a referendum that limits mayors to two four-year terms. But. Lauder told the New York Post that the city needs Bloomberg's "expertise." He said he would support a temporary change in the law to allow the mayor to serve one more term.

"To me, Mayor Bloomberg's brilliance in the financial sector, particularly Wall Street, would be invaluable," Lauder said. "If it wasn't for the fact of what's happening today in the world, particularly Wall Street, it would be a different story."

Bloomberg became a billionaire by building the business news and information service that bears his name. He switched parties from Democrat to Republican to run for mayor and then changed again to independent last year amid rumors he was considering a run for president.

Lauder called his change of heart a "one-time event." He noted that Bloomberg became mayor because Rudy Giuliani was blocked by his law from seeking another term.