Hey, Julie! Sort of. Check out this discussion, which explains a detail we added that will prevent everything from being deleted.
After verifying the settings are the way you want them on your network, what you can do yourself is suspend the member but not delete their content. At some point, they might be able to delete their own content (they do, in some sense "own" their own content after all), but it won't affect everyone else's. This is a tricky issue that many Network Creators feel very differently about, so we've tried to reach a good compromise to satisfy as many people as possible. Hope this helps.