How to show or hide a post based on meta_value selection?

Question

How would I go about hiding a post based on a meta_value selection done on the back end.

The usual method is to just change the post status from Publish to Draft however, I want this to work based on a dropdown selection.

meta_key being current_status and a dropdown box with meta_value of active and leased.

If active is selected the post is shown, and leased would hide the post.

Any ideas on how to do this in a clean way?