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  There must be a benefit or legal requirement to have the hoarding in the first place, and by extension there would be a continued benefit in maintaining the hoarding - for health a safety reasons if nothing else, like security/insurance.
  
  Unless you have used the word 'dilapidated' incorrectly, and what is being done is a more attractive over-painting onto a well maintained, structurally sound and painted hoarding.
  But
  If repairs and basic maintenance is what is being done then certainly the owner is getting something for nothing.
  
  I recall Rodger was going round the town photographing the sad state of the towns fabric with a view to the council pressing the owners to buck-up.
  Why not extend such a thing and have the local youths, languishing on the dole, employed to repaint the whole town, where the owners have not responded to the council's demands, and have the costs passed on to the landlords?
  
  "how will the owner benefit from an empty building?"
  Clearly there is not enough of a disincentive to having properties stand idle.

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