This is a great idea and will provide opportunities for budget travelers to see our city. I wish them the best.

I stayed at numerous hostels in Europe, Africa and Israel in my younger days. They were wonderful, even if bare bones and usually with dorm-style rooms. The rules back then were that each day you were kicked out from 9 AM to 5 PM. So they weren't exactly a great place to set up a household as some seem concerned about above. They also locked the doors around midnight, so if you stayed out too late, too bad.

As others mentioned, it was a great place to meet up with other travelers and share information on what to see and do, where to eat on the cheap and get info on your next destination and its hostels.

They were also relatively secure although I had two traveler's checks lifted in Harare, Zimbabwe [then Salisbury, Rhodesia]. The thief cleverly tore two checks from the bottom of my check pad that he somehow managed to get from my backpack during the night. By chance I noticed it in the morning, reported the loss to the police who caught him, a local drifter. I slept with them and my passport on my person thereafter.