Impact of Homeless Shelter Plans on Real Estate Prices

[Gus Joseph]

Hey all,

I'm looking to house hack a single-family house/condo in the Austin, TX area however I learned that the city just approved a new homeless shelter to be built very close to where I was looking to buy. Does anyone know how this may impact the price/value of any of the property in the surrounding neighborhoods?

For reference, there is another homeless shelter in Austin (more east-central) that is literally overflowing at all times with homeless people, so I assume the new South Austin shelter would eventually look similar to that.

Common sense would say that obviously it would decrease the value of homes (due to security concerns, etc.), but I was curious if there may be an opportunity there to get a good deal on some property.

Thanks!