The Times’s Nikita Stewart writes:

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.

That’s the difference between getting $1 million, or getting $750,000.

Residences within 1,000 feet of two or more shelters would sell for an estimated 17 percent less. That situation was most common in Central Harlem, said Doug Turetsky, a spokesman for the budget agency.

The agency analyzed 6,237 sales of Manhattan residences within 1,000 feet of 39 congregate shelters that were open continuously from 2010 through 2018. The agency did not look at hotels and private apartments that the city used temporarily as shelters. Residences included condos and one-, two- and three-family homes. The agency did not look at the value of a residence before a shelter opened.