Corrected Nov. 29 at 2 pm ET. See below.

Some of the nation’s least affordable markets are also ground zero for the fight against building affordable housing – which opponents say, among other things, depreciates nearby home values. Resistance to affordable housing development has surfaced in tight housing markets across the country such as San Francisco, New York, and Seattle.

Given low inventory and high prices in these tight markets, we set out to uncover how much homeowners really have to fear.

We define low-income housing projects as those funded through the Low-Income Housing Tax Credit (LIHTC) program administered by the U.S. Department of Treasury. Data on these low-income housing projects are collected by the U.S. Department of Housing and Urban Development (HUD). Using Trulia home value data, we examined changes in nearby home values before and after a low-income housing project is completed. Based on the location of low-income housing projects and completion dates,[1] we determined whether or not these projects impact home values. We found:

In the nation’s 20 least affordable markets , our analysis of 3,083 low-income housing projects from 1996 to 2006 found no significant effect on home values located near a low-income housing project, with a few exceptions.

, our analysis of 3,083 low-income housing projects from 1996 to 2006 found on home values located near a low-income housing project, with a few exceptions. Among the cities where there was enough data to measure, San Jose, Calif. , was the most aggressive in adding low-income housing units (7.81 per 1,000 people) during the decade. Meanwhile, Oakland , (0.52 per 1,000 residents) added the fewest units per capita.

, was the most aggressive in adding low-income housing units (7.81 per 1,000 people) during the decade. Meanwhile, , (0.52 per 1,000 residents) added the fewest units per capita. Of the 20 markets examined, Denver was the only metro area where homes located near low-income housing projects registered a positive effect in terms of price per square foot after a project was completed.

was the only metro area where homes located near low-income housing projects registered a effect in terms of price per square foot after a project was completed. In Boston and Cambridge, Mass., however, low-income housing projects had a negative effect on nearby homes in terms of price per square foot, suggesting a region-specific market effect for these two geographically adjacent metros.

We focused on the time period prior to the start of the housing bubble in 2007 in order to ensure that prices reflect consistent comparisons around the time a project is completed and ready for occupancy.

[1] HUD uses the term “placed into service” to denote when an eligible household can move in. For purposes of this report, we consider this the time at which the project is complete and ready for occupancy.