What about property rights?

Listing on the City’s Register of Historic Places does not take away property rights. The ordinance specifically states register status as “voluntary”. And while it is hoped that once listed, the site or object will continue its status as a significant cultural asset, nothing prevents a property owner from “delisting” their property.

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1. What about property rights?
2. Who can apply and what does it mean to be historic?
3. How can I register my property?
4. What makes a structure "historic"?