NEW YORK (CNN) -- The Crossroads of the World have been unusually quiet this week, the result of a construction scaffold collapse Tuesday that has left New York's famed Times Square closed for repairs.

Most years, New Year's Eve is the only time vehicles are banned from the Square. But months before the next big party, the cars are gone from much of the area, leaving tourists to wander the streets in impromptu pedestrian malls.

For many New Yorkers and tourists, the quiet on Times Square is a fun change of pace. But it is decidedly not fun for others who live or work in the area. Some are being told they can't return home, even to get money, personal belongings or pets. And some businesses -- including some Broadway theaters and hotels -- are shut down. One florist said the forced closure is costing him between $1,000 and $2,000 daily.

The collapse happened on 43rd Street just off Broadway at the 48-story Conde Nast building. Parts of Sixth and Seventh Avenues, Broadway, and 41st, 42nd and 43rd streets are closed. Officials hope to reopen the normally bustling area by Saturday, when workers have finished dismantling the scaffolding and installing a 700- by 100-foot (210- by 30-meter) safety net in case anything else falls.

"The work being done in Times Square is very sensitive, very dangerous," said New York Mayor Rudolph Giuliani.

The crash rained debris onto the street below and into the roofs of lower buildings. A woman who lived in a residential facility called the Woodstock Hotel was killed when debris plunged into her room. The elderly residents of the Woodstock have been sent elsewhere for the time being. Many are now spending the day at a senior citizens' center.

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The hope is that the area will be back to normal (or what passes for normal in New York City) by the beginning of next week -- and that the next time people are wandering around Times Square streets without fear of vehicles is when they're here to celebrate the opening moments of 1999.

It can't happen too soon -- a law firm has already filed suit against the construction site's builders and contractors on behalf of businesses affected by the accident.

CNN Correspondent Gary Tuchman contributed to this report.