Removing the restrictions would NOT make sense.   They are there for a reason.   This article does not tell the entire story.  There are clauses that restrict stuff that is not valid anymore but also bundled with restrictions that apply to today.   Like who wants to see a pink house next door to them?  Or having a business store front in a residential neighborhood?  Dont forget those building setbacks and building height restrictions.  VERY important!!!   And the City of NY would sue the homeowner to make them correct any violation they have made.