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.

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.

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]

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]

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

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.