6 hours ago
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Dave Ramsey says he likely wouldn’t buy property in New York City right now, given the political uncertainty surrounding the city’s leadership and housing policies.
“I would have to weigh out whether or not this goober can actually pull off some of this stupid butt stuff he’s trying to do,” the personal finance expert said during a recent episode of “The Ramsey Show,” referring to Mayor Zohran Mamdani. “If I thought he could pull it off, there’s no way I would do it.”
What sparked this response was a question from a 73‑year‑old caller from Chicago who was worried about her daughter and son‑in‑law buying property in New York City. The couple has been paying what she described as “exorbitant rent” while working jobs that require them to stay in the city.
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Susan said the couple hopes buying a property could help them build equity before eventually leaving the city and purchasing a house somewhere else. But she worries about policy proposals coming from the Mamdani administration.
“Everyone’s saying, ‘Oh no, that’ll never happen. You’re overreacting,'” Susan said. “But things have happened that I never foresaw.”
Ramsey acknowledged that many political changes once considered unthinkable have happened in recent years.
“I’m 65 years old,” Ramsey said. “There are things that have happened in this world that I never dreamed I would see. But worse than that, you’re evil if you thought that something that was completely freaking crazy has been normalized.”
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Ramsey laid out two possibilities. If the proposals are mostly political rhetoric that won’t materialize into policy, then buying property could still make sense. Real estate in New York City has historically been a strong investment over long periods.
But if the policies actually move forward, Ramsey said the risk becomes much higher.
Instead, he said his likely move would be to pause and watch how the situation develops.
“I’d probably just push the pause button,” Ramsey said. “It’s not like I’m running out of here with my hair on fire because the whole place is going to hell. I don’t think that’s going to happen; not quick anyway.”
Ramsey also noted that massive systems like New York City tend to move slowly, which means dramatic policy shifts may take time.
