The grassroots movement to down zone the unlandmarked portion of the West Village has succeeded. According to this article, the NYC City Council approved a rezoning of 6 blocks of the western-most West Village - blocks just below the Meatpacking District - to prevent any prospective large scale hotel construction.
In the immediate term, this ruling will hurt the value of some lots in the area that were potential development sites. However, in the long run, it will preserve the value of small residences in the area, as prospective buyers won't have to worry that a long term construction project might move in next door.
Council approves 2 Village rezonings - Crain's New York Business