A Question about a Demand by New York University Protesters

Protesters at New York University are demanding (seen via TheDemands.org):

Rededicate Library from Elmer Holmes Bobst, a known anti-Semite; removal of Elihu Root’s name from the School of Law Scholarship for being an advocate of US Colonialism; renaming of the Fales Collection of English Literature within Bobst, as Fales family fortunes can be traced to colonial slavery. Rename these for POC or people of marginalized communities in the US who have been leaders in activism and advocacy of oppressed groups, OR leaders of equal style and caliber from the Global South.

Will renaming the Elmer Holmes Bobst Library to the Yassir Arafat Library be acceptable?