Dublin City Council hopes to resell the Clontarf property it bought for almost €2 million, once the housing crisis is over.
The local authority bought a former B&B on St. Lawrence Road to house 13 homeless families.
However due to the scale of the housing problem, it could be several years before the property is put back on the market.
According to the Irish Times, the city council outlined the plan to residents but couldn't give them a time line.
Some local residents felt the money would have been better spent on long-term accommodation for the homeless.