The drummer isnt happy about it either. He has over $2k worth of cymbals on his kit, and he pointed out that while the heads on his drums are not regularly replaced, they are still a "consumable". Someone has to pay for them when then need to be replaced.
That is pretty much where I am at. We have already run in to a, "Can we move practice to another night?" issue with this. Why am I paying for a space I cant leave gear in, or use when ever I want?
I'd say you and the drummer stand together, and tell the guitarist, "No. And if you persist, we walk."
Now, the nice thing that will come of this is that when the guitarist's hurt feeling inevitably end up in band implosion, you guys are a solid rhythm section that will have no trouble getting a new band going.
He MAY see the light and realize what a tool he's been, and your band can continue on, but I don't know if I'd wager large sums of cash on that.