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The most common cases of abandonment are
For Residential, Negative Demand and No Available Job
For Commercial it's Negative Demand
For industrial it's Negative Demand and long freight trips
Radiation is also a big killer and will make people abandon the area contaminated and refuse to develop or move in. Desirability of the area going too low can also cause this, but if you're good this should be rare. Finally, lack of power is a big killer, make sure your city is all powered or face problems, water will also cause abandonment too, but only for high wealth and for meduim density and above buildings, medium and low wealth of low density can survive without water (but you shouldn't deny them water if you have it!)
Abandoned buildings lower land value around them, have a higher flammability, attract crime and are also prone to arsonists. It's best to bulldoze them as soon as you catch them (query them before doing it to find out why they abandoned first) They CAN be rebuilt into a new building, or be repopulated, but this often takes a lot of time and are less likely to build because of the penalties to land value and desirability, it's best to bulldoze and let another building get built in its place unless you're strapped for cash in which case you'll have to take a chance.
Buildings of high wealth types that abandon will likely be re-occupied by a lower wealth type, these are noticable by a slightly daker colour, but not as dark as abandonment. You don't need to bulldoze these, but from my experience they do give a very minor hit to your land value, though if you have good IQ, HQ, police and fire coverage and a few YIMBY boosting buildings like parks or certain rewards, then it should barely matter in the long run unless there's a lot of them. If there is a lot of buildings that have had their wealth downgraded, perhaps you should investigate possibilities like your taxes, demand and job distance
You are the Mayor's god
If the higher wealth abandon and a lower wealth chooses to occupy it though, then it can be replaced with builidings of the same wealth