Wealthy New Yorkers moan over Obama no-fly rule

President Obama flies to New York's Westchester County Friday for a series of weekend fundraisers.

The timing has upset some very wealthy and powerful New Yorkers, CBS News' Michelle Miller reports.

When Air Force One arrives, the FAA will put the skies over New York City on lockdown. Corporate planes and private charters, and their jet-setting passengers, will be the hardest hit, just in time for the start of Labor Day weekend.

Mr. Obama's no-fly zone will be from Friday afternoon and lasting all day Saturday. For the Wall Street titans who regularly depend on small planes like Whale Force One for their weekend getaways, Mr. Obama's timing could not have been worse.

"Several were very upset about it and extremely inconvenienced. They had plans, you know, several weeks ahead of time to get out to their vacations," said Melissa Tomkiel, president of the private aviation company Fly the Whale.

Tomkiel said nearly 80 of her passengers were left holding their bags. The company expects to lose at least $10,000 while New York City airspace is shut down.

"Labor Day in particular is important because it's at the end of the busy season of the summer," Tomkiel said. "So it's really our last chance to make as much as we can as a company and keep it in reserve for the slower months that are ahead."

On Fridays, as many as six flights an hour take off from a pier on Manhattan's east side, bound for playgrounds of the rich and famous.

A trip to the Hamptons takes just 35 minutes while flights to Nantucket and Martha's Vineyard, where Mr. Obama vacationed earlier this month, last about an hour.

By car, a trip to the Hamptons without traffic takes around two hours while driving to Nantucket takes at least six and a half.

"Tomkiel said, "on Labor Day, on a Friday, you're looking at eight to nine hours to get to Nantucket from New York."

The temporary flight restrictions over New York City will have minimal impact on commercial flights, but because most of those are already sold out, they weren't really an option for the stranded passengers.