Would Dave Ramsey Buy Property In NYC Under The Current Mayor?

Summary

Podcast Summary: "Would Dave Ramsey Buy Property In NYC Under The Current Mayor?"

Podcast: The Ramsey Show Highlights
Host: Ramsey Network
Episode Date: March 9, 2026
Main Contributors in Segment: Dave Ramsey, Ken, Caller (Susan)
Episode Theme: Evaluating the risks and wisdom of buying real estate in New York City under the current political climate.

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Episode Overview

This episode tackles the dilemma facing a caller’s daughter and son-in-law, who are considering buying property in New York City. The discussion centers around ownership uncertainties under the city's current mayor, the impact of political trends, and pragmatic advice on whether to proceed with such an investment. Dave Ramsey and Ken analyze not just financial risks but also the broader political landscape that could affect real estate values and personal wealth.

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Key Discussion Points & Insights

Caller’s Concern: Political Climate & Property Ownership

• Susan (Caller) expresses alarm over statements from the NYC mayor regarding property ownership and potential moves toward converting private housing to community land trusts.
  • She fears that buying now may risk future ability to sell profitably or even the loss of private ownership rights.
  • Quotes the NYC mayor: “property ownership… a weapon of white supremacy” and ambitions to “establish a community land trust to gradually buy up housing on the private market and convert it to community ownership.” – [00:13]

Dave Ramsey’s Perspective: Weighing Political Reality vs. Hype

• Dave reflects on cultural and political shifts that feel "crazy" to older generations:
  • “There’s things that have happened in this world that I never dreamed I would see… And then, worse than that, you’re evil if you thought something that was completely freaking crazy.” – Dave Ramsey [01:24]
• Emphasizes focusing on practical advice over generational outrage.

Risk Assessment: What Would Dave Do?

• Dave walks through his personal thought process:
  • Weighs whether the current administration in NYC can genuinely implement drastic changes to property law.
  • “If I thought he could pull it off, there’s no way I would do it. If I thought it’s just a pipe dream and there’s no chance that socialism survives in New York City… then I would just buy and just move on.” – [02:19]
  • Cautions that if real property rights are threatened, “it doesn’t work its way out if you start stealing property from the private property owner.” – [02:57]
• References Historical Precedence:
  • Finds comfort that NYC, while unpredictable, isn't yet comparable to places where property seizures happened (Venezuela). “We’re not a banana republic yet.” – Dave Ramsey [03:01]

Advice to Caller’s Daughter: Consider Alternatives

• Suggests considering nearby suburbs ("out on the island or out at Westchester") as potentially less risky investments [03:11, 06:33].
• Expresses skepticism about influencing adult children:
  • “I don’t think they’re going to do anything you and I say too, by the way. I think they’re going to do whatever they’re going to do after this conversation.” – [03:19]
• Ultimately, advises waiting to see how the political situation “flames out or gins up” before buying in NYC proper:
  • “I would say I wouldn’t do it today. I’m gonna let some of this flame out or gin up. If it flames out, I’m gonna buy. If it gins up, I’m walking out of there.” – Dave Ramsey [03:34]
  • Compares NYC to California regarding policies pushing people to leave— “He’s adding one more reason to leave California… the billionaire tax.” – Dave Ramsey [03:56]

On States Taxing High Earners

• Dave humorously illustrates the futility of “taxing the rich,” noting how high net-worth individuals simply move elsewhere:
  • “You can’t tax billionaires. They leave. And they've been leaving your state like a Baptist after a casserole.” – Dave Ramsey [04:44]
• Shares anecdotes about California billionaires moving to Nashville for tax benefits.

Real Estate as a Long-Term Investment

• Notes that historical record favors NYC real estate—“New York real estate’s obviously been a wonderful investment for a hundred years” [06:09].
• But recommends pressing “pause” until political uncertainties settle:
  • “It’s not like I’m running out of here with my hair on fire… I might give it a hot minute and let it see if it flames out or not.” – Dave Ramsey [06:10]
  • Compares NYC governance to trying to turn a massive ship: “It’s harder to turn a ship that size than he thinks it is.” – [06:10]

Ken’s Input: Influence Through Questions, Not Direct Advice

• Ken counsels a strategy of asking thoughtful questions to encourage discernment, rather than outright telling adult children what to do:
  • “If you just go in there and you tell, tell, tell, there’s a low probability that your adult kid is going to go with your advice… If I’m you, I would be asking really good, thoughtful, critical questions… enough that they lose sleep at night.” – Ken [07:14]
• Emphasizes that with adult children, parental influence is limited: “You don’t really get a vote. So ask, don’t tell.” – Ken [08:19]

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Notable Quotes & Memorable Moments

• “You’re a horrible person and you should be sent straight to hell… This is a weird world we live in for old people like me.” – Dave Ramsey [01:34]
• “If I thought he could pull it off, there’s no way I would do it.” – Dave Ramsey [02:19]
• “They’ve been leaving your state like a Baptist after a casserole.” – Dave Ramsey [04:44]
• “I might give it a hot minute and let it see if it flames out or not.” – Dave Ramsey [06:10]
• “If you just go in there and you tell, tell, tell, there’s a low probability that your adult kid is going to go with your advice.” – Ken [07:14]
• “You don’t really get a vote. So ask, don’t tell.” – Ken [08:19]

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Important Segment Timestamps

• [00:06] – Caller lays out concerns about NYC property and political risk
• [01:17] – Dave and Susan discuss generational surprise at political changes
• [02:15] – Dave analyzes the true likelihood of NYC carrying out radical property reforms
• [03:34] – Dave gives clear personal advice: “I wouldn’t do it today.”
• [04:44] – Dave on billionaires fleeing high-tax states
• [06:10] – Dave suggests waiting before buying into NYC and why the city's legacy as a stable market is relevant
• [07:14] – Ken introduces his approach for constructive conversations with adult children

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Conclusion: Should You Buy in NYC Right Now?

Dave Ramsey does not recommend buying residential property in New York City at present due to high political risk, though he does not predict imminent disaster. Instead, he suggests:

• Observing how the situation evolves before making a final decision
• Exploring nearby markets outside city limits as safer options
• Using thoughtful questioning to guide, rather than instruct, adult children contemplating such investments

The episode balances humor, pragmatism, and real concern, making its points both relatable and clear for any listener navigating similar questions.

Transcript

[Dave Ramsey]

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[Caller (Susan)]

My daughter and her husband have been living in New York City for several years, and, of course, paying, you know, exorbitant rent per month. But their goal is to someday move out of the city, purchase a home. But for right now, their jobs require them to stay in New York. Okay. So they've now decided that they want to purchase property there to live in and hopefully gain some equity to put toward a house someday. Okay. So normally I would think, okay, that's fine, but with the current mayor and the administration there, I'm just not so sure this is a good idea. So. Because that administration is called property ownership, and I'm quoting, a weapon of white supremacy. And he also said they want to. And I'm quoting again, establish a community land trust to gradually buy up housing on the private market and convert it to community ownership. So everyone's saying, oh, no, that'll never happen. You're overreacting. That'll. You know. But I mean, things have happened that I never foresee. So I'm just nervous that my daughter and her husband would, let's say, if they bought property, would not be able to sell it profitably in years to come if this happens, if it turns into communal property. So am I wrong to discourage them, or am I overreacting like they say?

[Dave Ramsey]

Hmm, that's interesting. So I'm 65 years old. How old are you?

[Caller (Susan)]

73.

[Dave Ramsey]

Yeah, because I, you know, I. Because I agreed with your statement. There's things that have happened in this world that I never dreamed I would see.

[Caller (Susan)]

Right.

[Dave Ramsey]

And some of them have been normalized, and I'm really never dreamed I would see that. And. And then, worse than that, you're evil. If you thought that something that was completely freaking crazy has been normalized. And you say it's crazy when you say it out loud, you get, you know, you're a horrible person and you should be sent straight to hell. And so this is a weird world we live in for old people like me.

[Caller (Susan)]

Me too. Me too.

[Dave Ramsey]

Yeah. So. But what I try to do on the show and Ken does, too, and all of our guys here, we try to answer the question, what would I do if I were in your shoes? Would I personally buy a property in New York City today day in this uncertain environment?

[George (Churchill Mortgage Ad)]

Yeah.

[Dave Ramsey]

What I would have to weigh out is whether or not this goober can actually pull off some of this stupid butt stuff he's trying to do. If I thought he could pull it off, there's no way I would do it. If I thought it's just a pipe dream and there's no chance that socialism survives in New York City, then, you know that it's just crazy and it's, you know, it's hyped up in the news and you know, it gives FOX News something to talk about. And you know, if I, you know, all that kind of stuff, if I thought that then I would just buy and just move on and not worry about it because, you know, most things work their way out, particularly real estate ends up working its way out. But it doesn't work its way out if you start stealing property from the private property owner.

[Caller (Susan)]

Right.

[Dave Ramsey]

In the name of virtue.

[Caller (Susan)]

Well, that's what happened in Venezuela.

[Dave Ramsey]

Well, yeah, this, we're not a banana republic yet.

[Ken]

What are they planning? What is the current, what is the current thing that they're looking at? Where, what, why don't they just step

[Dave Ramsey]

out of the city itself and go buy something out on the island or out at Westchester or something? Just step out of New York.

[Caller (Susan)]

They like being right close to.

[Dave Ramsey]

Yeah, I bet they like it. But I mean, I don't think, matter of fact, I don't think they're going to do anything you and I say too, by the way. I think they're going to do whatever they're going to do after this conversation.

[Caller (Susan)]

So that's true.

[Dave Ramsey]

We're probably wasting our breath, but it's an interesting discussion.

[Caller (Susan)]

If it were your daughter, you would say.

[Dave Ramsey]

I would say. I wouldn't do it today. I'm gonna let some of this flame out or gin up. If it flames out, I'm gonna buy. If it gins up, I'm walking out of there. Okay, so same thing's happening with Guten with Goober Newsom. He's adding one more reason to leave California. Yeah, okay. The billionaire tax.

[George (Churchill Mortgage Ad)]

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[Dave Ramsey]

The billionaire tax. And isn't actually him. I take that back. He's come out against it. Some of the other communists over there. So there's like. We're going to tax billionaires. Let me help you with this. You can't tax billionaires. They leave.

[Caller (Susan)]

Right, right.

[Dave Ramsey]

And they've been leaving your state like a Baptist after a casserole. I mean, they've been getting out of there, you know, and so it doesn't work. But then if you say, I can tell you I have five, six friends in Nashville that are billionaires that are all former California. And they paid cash for multimillion dollar houses with what they saved on California income tax the first year that they left there. I know one guy that owns a winery over there. It's the only asset he's got left over there. And he gives all the wine away every year because he refuses to pay California a dime. He gives it all to charity.

[Caller (Susan)]

I think he announced the New York City budget. I think it was yesterday, the day before. And it exceeds the entire state of Florida. So how. I think it was 127 billion or something. He said, well, how are you gonna fund that? Well, he said, not just the billionaires. I'm gonna tax everybody.

[Dave Ramsey]

Welcome to socialism. He told you what he was gonna do and then you elected him. So you get what you pay for.

[Caller (Susan)]

That's right. Things that I thought would never happen, Dave.

[Dave Ramsey]

I don't know. I have to watch myself. Cause I get all ginned up and hyped up myself and my drama queen kicks in. And then a lot of this stuff flames out. And these people that you know, they just go. They're yesterday's memory of something stupid. And if that happens, you're gonna. New York real estate's obviously been a wonderful investment for a hundred years. Okay?

[Caller (Susan)]

Right.

[Dave Ramsey]

Right. And as long as this flames out. So I might give it a hot minute and let it see if it flames out or not. I probably just push the pause button. But it's not like I'm running out of here with my hair on fire. Cause the whole place is going to hell. I don't think that's gonna happen. Not quick anyway. It's harder to turn this a ship that size than he thinks it is.

[Caller (Susan)]

I really hope you're right. And that's. So you would say.

[Dave Ramsey]

I'll just say, wait a minute. Why don't you honestly would go out to Westchester and get outside the city and buy something and shut up. You can. How do I live downtown? Well, get your dadgum car. Get a car service and go downtown, and then you don't get your property confiscated by a communist. I mean, I mean, that's not that hard a decision. But, but they're giving you again, they're not gonna do any of this, Susan. So they're gonna do whatever they're gonna do. It's not, they're not gonna listen to you or me. We're just boomers. What do we know? And so, But I, When I'm analyzing something like this, Ken, I always just say, okay, what is the risk? And if the risk is high enough, I may wanna just pause a second and let's just see what happens.

[Ken]

Yeah. My advice for Susan is dovetailing off of what you said. If you just go in there and you tell, tell, tell, there's a low probability that your adult kid is going to go with your advice. I think you've got to take the posture of asking and so not tell. And I can tell you're fired up and you have reserved the right to be fired up, but that's going to go in one ear and out the other. So if I'm you, I would be asking really good, thoughtful, critical questions. Not with a opinion attached to the question, but enough that they lose sleep at night. This is the form of a good interview. You know, if you're doing customer interviews, you want to create questions that customers sit with or somebody you're interviewing for a job, same deal here. So I think your only hope of influencing them is actually walk them through the financial case, the risk, the, the far term, the short term, and just ask questions and hopefully they have enough discernment and common sense to see some of the red flags that you see. I think that's the approach I take

[Dave Ramsey]

as a problem with adult children, is you don't really get a vot vote.

[Ken]

You don't. So ask, don't tell.

[Dave Ramsey]

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