The Zoning Commission may refuse to approve any location for the sale of alcoholic liquor, wine, beer or ale, if it has reasonable cause to believe that the number of approved locations for all classes of permits in an immediate neighborhood is such that the approval of another location in the locality is detrimental to the public interest. In reaching a conclusion in this respect, the Commission may consider the character of, the population of, the number of all approved permit locations in, the neighborhood concerned, and the effect which a new permit location may have on such neighborhood.