This is a really interesting discussion. We are seeing this in the case of Public School #4, Annie Lytle School.
The school is neither abandoned or foreclosed but it is derelict and an attractive nuisance to vandals especially young kids. The property has been undeveloped for over 20 years. If the taxes went up on the place, it would be a goner.
If it weren't for citizens who care about historic preservation coming to council meetings,cleaning debris, removing graffiti, mowing lawns, nailing up window coverings, & calling the cops on trespassers, this place would be dust. No laws, no organizations, no grants are saving this building presently.