Building hoists offer several advantages, including increased efficiency in material transportation, reduced labor costs, and improved safety by minimizing the need for manual handling at height. They can also be used for personnel transport, enhancing site accessibility. However, there are disadvantages such as high initial costs, the need for regular maintenance and inspection, and potential downtime due to mechanical issues. Additionally, they require space for installation and can obstruct views or access during operation. Safety concerns also arise if not properly managed, as accidents can occur due to operator error or mechanical failure.