And why would they waste time putting the building up for auction? It's probably in that condition still going for millions based on the GTA. Then what? Another millionaire or millionaire corp buys it to do what? Major reno work that's costly? Are the tenants going to fork more rent for the cost of doing business? If not then the landlord will raise the rent to make up for all the reno and those people will end up having to move or live on the streets and stuff like this has already happened where landlords jacked up the rent and the poorer people left. Then the next people in line who have funds move in and pay the new rent until things eventually repeat. And if not that many people move in to make up for the expenses the company will just claim the business at a loss until they decide it's not worth it and perhaps try selling it to recoup something. Lets stop living in some magically world where poor people and the average joe have leverage. You lack the essential tools to throw your weight around and that tool is money. This is why I don't bother wasting my time with debates or the general public upset about new builds taking over vacant land and are like "omg what about the nature and animals". What exactly about it??? Did you see how Toronto has developed since the 70s and how farmland was taken over to make way for population.
The funniest part about living in small towns are when residents bitch about newcomers and things being built, but local businesses are all smiles because it helps the economy not to mention the town too due to taxes which help with roads and stuff. If a small town stays too small they'll be in a poor state typically due to funds.
If I owned a building and my tenants only paid a certain amount of rent I wouldn't bend backwards and would do things at the least amount to try and solve the issue. Same shit happens with all the run down factories, business buildings and facilities around the area. Cost of doing business unless those people pay me more. Why should I waste money to make things look new and stuff when the tenants typically don't care and will have the place more than likely needing the same repairs in a couple of years.