No. Landmark designation means that changes must be publicly reviewed to ensure that the landmark's special qualities are not lost through inappropriate alterations.
If you want to demolish your home or significantly alter the exterior characteristics of your home or build a new structure your plans would go through a review called a “Certificate of Appropriateness” (COA) by the Historic Landmark Board. Normal maintenance and repair are exempt from COA review. The Board works closely with owners both before and after designation to develop design solutions that respect the landmark's significance while acknowledging its ongoing use.
The City's COA review criteria are specified in the City's preservation ordinance and the city considers the guidelines of the National Register in their COA review.