How Homeless Shelters Affect Property Values

Nothing packs a community meeting like word that Mayor de Blasio wants to open a homeless shelter in a neighborhood. From Tompkinsville in Staten Island to “Billionaires’ Row” in Midtown, many residents, especially homeowners, share the same concern: Does being close to a shelter have a negative effect on property values?

The answer is yes. At least in Manhattan.

Your home would most likely sell for less if you live within about two blocks of a shelter, when another shelter is a few more blocks away. The city’s Independent Budget Office looked at sales in Manhattan and estimated that in such a situation, a homeowner would get about 24 to 25 percent less for a house or a condominium than for a residence farther from a shelter with no other shelters nearby...

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RSK: If property values drop won`t the real estate taxes in that area drop as well? How about some F-35`s to go with that. Again when you bought your home near a busy airport and a military airport did you not expect noise from jets? And if you say your property values will drop, you probably paid less for your home in the first place and your taxes have been much lower than average so double savings. Reminds me of my friend who bought a home that backed up to the railroad tracks. He checked and a small freight train came through once a week. He bargained and received a decrease price on the home and has saved yearly because his taxes were lower. Well, now the fright goes through once a day and he is steaming mad. Really? We live a few houses from a busy corner for school commuters. After several crashes, the city put up a stop sign...on the other street. Now people come racing down our street and do not have to slow down for the corner. Yet, we like being close to work and schools so we deal with it each morning. No more crashes at that intersection. Safety first.