Signs were recently erected in the Suffolk area calling for immigrants not to be housed there.
Meanwhile, “Irish Lives Matter” was also scrawled on a wall at the Kennedy Centre on the Falls Road overnight.
Police confirmed they have received reports of the signage.
Inspector Andrew Matson said: “We are treating the matter as a hate incident.”
West Belfast MLA Gerry Carroll said: “There is no place in our society for this kind of racist poison.
“Nefarious and far-right elements are seeking to blame migrants, asylum seekers, and refugees for the problems caused by the rich and governments who protect and bolster corporate profits at all costs. Minorities also face real problems of state racism that need to be combated.
“There is a housing crisis but it is caused by governments who have not lifted a finger to build homes and refused to support measures proposed by People Before Profit to alleviate its worst elements.
“We are under no illusions that ‘Irish Lives Matter’ is a racist slogan which is directly counterposed to the oppression faced by black people and other ethnic minorities. Ironically, the far-right thugs who raise such slogans are nowhere to be found when campaigns emerge to address the hardships people face here.
“In recent days we have seen the chilling effect that the growth and intervention of far-right forces in the South can have on communities who are marginalised. We urgently need to call out and challenge those seeking to stoke hate, division, and racism.”
People Before Profit MLA Gerry Carroll. Credit: Liam McBurney/RAZORPIX
Sinn Féin MP Paul Maskey has also described the erection of “offensive signs” in the Suffolk area as “disgraceful”.
The west Belfast MP said: “It’s deeply concerning and disgraceful that these offensive and racist signs have been erected in an attempt to create fear and intimidate people.
“There is no place for this type of behaviour in our society. These signs should be removed.
“Sinn Féin is committed to building a society based on equal rights and equal opportunities for all who live here.
“I would urge anyone with information on the erection of these signs to bring it forward to the police.
“Political and community leaders must stand together to continue building a safe, welcoming and inclusive society for all.”
Earlier this month anti-immigrant posters were also erected in Belvoir in south Belfast.
The posters, which said Belvoir would no longer accept “the rehousing of illegal immigrants or the excrement of other communities”, are being treated as a hate incident by the PSNI.
At the time, DUP MLA Edwin Poots said the signs are “wrong” and described the language as “inappropriate”.
But, Mr Poots came in for criticism when he said there had been concerns about housing in the area which have caused “resentment and anger”.
The PSNI said its local Neighbourhood Policing Team have been undertaking enquiries in the area and anyone who has any information in regard to the erection of the notices is asked to contact police on 101, quoting reference number 343 of 28/11/23.
“Alternatively, you can report online at https://www.psni.police.uk/report or in confidence through Crimestoppers on 0800 555 111,” a police statement concluded.