In a victory for property owners on East Nassau Street, Princeton Borough Council last Tuesday voted to introduce an ordinance that could change zoning on the south side of the street. The measure, which would allow banks to set up shop in the zone, will next go to the Planning Board for review and then return to Borough Council for reconsideration.

Not all Council members were in favor of introducing the ordinance. Barbara Trelstad and Roger Martindell voiced their opposition, but were outvoted by Jo Butler, Jenny Crumiller, and Kevin Wilkes. Mr. Martindell said he didn’t think the community would benefit from the ordinance’s broad scope, which would permit not just banks, but other types of financial institutions. “I think we’re going to rue the day that we did this,” he said. Ms. Trelstad said she felt the measure was being rushed. “If we had given more time to our staff, we could have come up with a better ordinance,” she said.

Marty Schneiderman, who lives on Murray Place, agreed with the dissenting Council members. He said that he and other neighborhood residents feel there are enough financial institutions already in the area, and that businesses that are active at night, such as restaurants, would be preferable.

But business owners whose properties have been vacant for years disagreed that the ordinance was being rushed. “Two buildings on Nassau Street have been vacant for six or seven years,” said Robert Bratman, who owns the former West Coast Video store. “They were furniture stores, a Wawa, a video store, drug stores, Davidson’s Market, Wild Oats. For the Council to sit here and talk about limiting the uses when clearly the economy is struggling — we are going to continue to have empty, vacant buildings.”

Mr. Bratman added that another plus for allowing banks is that their parking lots can be used at night by patrons of local restaurants. His comments were followed by enthusiastic applause from members of the public.

Lou Carnevale, who owns the building that housed Davidson’s, Wild Oats, and Olive May markets, said it is unrealistic to not allow banks because he needs an anchor business, such as a bank, to get the property rented. Mr. Carnevale said at the last Council meeting that TD Bank is waiting in the wings to occupy a portion of the site.

“The zoning is so restrictive,” he said. “Sure, everyone wants these small stores. But they don’t necessarily bring diversity. They can bring the same kind of stores. You just approved a Subway store a few doors away from Hoagie Haven. That is not variety. That is conformity. I need a bank to anchor the site or I can’t build, and I won’t build. It is going to remain as it is.”

Other members of the Carnevale family also spoke in favor of the ordinance. “We pay taxes of almost $80,000 a year and it is killing us,” said Elizabeth Carnevale. “This has been going on way too long. It’s time for you to do the right thing.”

The Council members who voted in favor of the ordinance said that leaving the buildings vacant was not good for the neighborhood. “In reality, we have two vacant properties that have failed,” said Ms. Crumiller. “It does seem to me that smaller stores are less popular.”

The ordinance says that banks in the zone can be no closer than 500 feet from each other, and that no outdoor dining can be in areas adjacent to residential zones.