I've read that the same thing happens to the little "library" stands, but if the person who sets them up doesn't give up, after a short time people stop stealing from them and vandalizing them and they just start using them as libraries.

I think the theory was that after a relatively short amount of time, the assholes get bored and go screw with something else.

I don't know how well that would work with tools, and it definitely needs to have a strong-willed person stocking it.