Here is what the Ocean Conservancy has to say:
ARTIFICIAL REEFS
The large industrial cylinders pictured here have formed an artificial reef. (Photo courtesy NOAA/Dept of Commerce)
Sometimes constructed from concrete blocks or acres of old cars, artificial reefs can be found from cold, rough waters to warm, tropical lagoons. While some artificial reefs might benefit some species of reef fish, they also raise many concerns.
Artificial reefs come in many forms: while some are created thoughtfully and purposefully, others represent an inexpensive way to throw out trash. Still others were put in place for other reasons, as is the case with oil rigs.
Although most artificial reefs offer potential habitat for certain kinds of marine life, these are not always happy homes.
Artificial reefs can cause damage to natural habitats during their construction and can displace naturally occurring species and habitats. They also tend to concentrate fish unnaturally, making them more vulnerable to overfishing. In some cases, they introduce toxins and other pollutants into the ocean. We typically oppose the creation of new artificial reefs that are used solely for fishing or tourism purposes. In some cases we support the removal of existing artificial reefs. However, we do not support their removal if an ecosystem is dependent upon their existence.
What We're Doing to Help
The Ocean Conservancy will continue to research and evaluate the long-term impacts of artificial reefs, while continuing to focus our energies on allowing degraded habitats to recover naturally and protecting natural reefs worldwide.
We strongly believe that artificial reefs should not be used as an excuse to dump trash into the ocean. Discarded vehicles cause even more pollution due to oil and other fluids that get released into the water.
http://www.oceanconservancy.org/site/PageServer?pagename=issues_artificialreefs