NEW : New York City Council votes 29 to 22 in favor of bill to extend term limits . NEW : Mayor Michael Bloomberg , who introduced measure , calls vote ` a victory for the people'and says he will sign it into law if necessary. Bill allows Bloomberg , other elected officials to run for third term . Earlier Thursday , council nixed voter referendum on the issue .
NEW : New York City Council votes 29 to 22 in favor of bill to extend term limits . NEW : Mayor Michael Bloomberg , who introduced measure , calls vote `` right choice '' Bill allows Bloomberg , other elected officials to run for third term . Earlier Thursday , council nixed voter referendum on the issue .