[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/11/21/art.bloomberg.jpg caption="Michael Bloomberg's approval ratings have dropped since trying to change the city's mayoral term limits."]
(CNN) - New York City Mayor Michael Bloomberg's approval rating appears to have taken a significant hit since he successfully sought to change the city's mayoral term limits.
According to a new survey from Marist College, Bloomberg's approval rating is down 9 points from a similar survey taken one month ago. The mayor still enjoys a 59 percent approval rating, though Marist reports this is the first time since 2005 it has been in the 50 percent range.
"The voters don't like being defied, and Bloomberg is paying a penalty for persuading the City Council to overturn term limits that were passed twice by New York City voters," CNN Senior Political Analyst Bill Schneider said.
"He has one advantage, Schneider also said. "No Democrat at this point seems strong enough to over take Bloomberg. He also has another advantage. Lots of money."
Fist elected in 2001, Bloomberg cited the financial crisis for the reason he was seeking a third term.
"I don't think the city needs another campaign. It's going to be tough enough to get us through this," Bloomberg told reporters last month referring to the meltdown on Wall Street.
The poll was conducted from November 17-19, and carries a margin of error of plus or minus 4 percentage points.