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New York City just suffered a political heart attack.

Mayor Mike Bloomberg’s announcement last Thursday to pursue a term limits extension through the City Council has thrown the fate of political hopefuls at every level of City government into question. And if the mayor succeeds in overturning the law, which applies to all of the City’s executive and legislative elected officials, it may prove to be an insurmountable block stopping the flow of new blood into the City’s political system.

The New York City Campaign Finance Board lists 187 candidates for various posts around the City in 2009. For many of the candidates, a term limits turnaround would be a turnaround in fortunes – each potentially facing two-term incumbents rather than a field of newcomers.

And for City Comptroller Bill Thompson, who is running for mayor next year, it’s simply wrong.

“The strength of democracy, the strength of this city – is that it is bigger than one person,” Thompson said. “It is never about one person. There are other people that can run this city and do a good job during a time of crisis.”

Thompson wants a special election in 90 days that would take the issue back to the voters.

“Having voted twice, I think New Yorkers want to express their opinion – and we have strong opinions – and don’t like to see their opinions ignored,” Thompson said. “This would really be an undermining of democracy in New York City.”

In Queens, where half the sitting council members have announced plans to seek city or statewide posts, the proposals have raised anxieties and could put careers in limbo.

Councilwoman Melinda Katz (D-Forest Hills) is running for comptroller next year. But despite raising approximately $2 million and a formidable support network, Katz’s fate is as much in Thompson’s hands as it is her own.

“Right now Billy Thompson says he’s running for mayor. I have no reason not to take him at his word,” Katz said. “I have to – at this point – take everyone at their word that it’s going to be an open seat.”

Katz refused to rule out the possibility of seeking a third City Council term, but insisted that she would pursue her comptroller bid with the match ups organized as they are now.

With Thompson insisting he will not seek another term, Katz and her colleague Councilman David Weprin (D-Hollis), who is also running for comptroller, have dodged the bullet for now.

Others have not been so lucky. Councilman Tony Avella (D-Bayside), who is running for mayor, has been crusading against the term limits extension since whispers of the mayor’s musings began circulating during the summer.

“The worst thing politicians can do is to change the law to keep themselves in office. That is the day we take a step towards dictatorship,” Avella said in August, when he began a petition against overriding the term laws.

He’s already excluded himself from a third term in the council during his vocal stand against the legislation, which included a bill to prevent the council from overturning the term laws. But if he fails in stopping the changes, he may find Bloomberg’s money and popularity insurmountable – and himself out of a job.

And it’s that uncertainty that may give the mayor the council votes he needs to change the law and get a third term.