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

0:00Brought to you by the EveryDollar app, start budgeting for free today. 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, like, 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 a 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, I think this has happened that I never foresee it saw.

1:02So 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 the 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? Hmm, that's interesting. So I'm 65 years old. How old are you? 73. Yeah. Because I, you know, because I agreed with your statement, there's things that have happened in this world that I never dreamed I would see, and that some of them have been normalized and I'm really never dreamed I would see that, 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. Give me two. So, yeah, so, but what I try to do on the show and Ken does to, and all of our guys here,

2:04we try to answer the question, what would I do if I were in your shoes? What I personally buy a property in New York City today in this uncertain environment? Mm-hmm. Yeah. You know, the, 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 he'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 in the name of virtue. Well, that's what happened in Venezuela. Well, you know, this, we're not a banana republic yet. What are they planning?

3:05Look at this. What is the current, what is the current thing that they're looking at? Where, what, how much, why don't they just step out of the city itself and go buy something out on the island or out at Westchester or something to step out of New York? They, they like being right closer to the city. Yeah, but they like it. But I mean, I don't think, in a matter of fact, I don't think they're going to do anything you and I say to, by the way, I think they're going to do whatever they're going to do after this conversation. So that's true. We're probably wasting our breath. But it's an interesting discussion. Um, if it were your daughter, you would say, I would say I wouldn't do it today. Okay. I'm going to let some of this flame out or gin up. If it flames out, I'm going to 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. Hey guys, George here with an important heads up. Mortgage interest rates just dropped and that is great news if you've been holding off on house hunting or refinancing, but it also means a lot of other people are about

4:07to jump back into the market. My good friends at Churchill Mortgage will give you a custom plan and a special offer so you can buy or refinance the smart way before the market shifts. So go check it out by going to ChurchillMortgage.com slash Ramsey offer. That's ChurchillMortgage.com slash Ramsey offer. This is a paid advertisement in the MSID 1591 in the MS Consumer Exist.org Equal Housing Lender. The billionaire tax and it and actually him. I take that back. He's come out against it. Some of the other, um, communist 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. Right. Right. And they've been leaving your state like, like a Baptist after a casserole. I mean, they've been getting out of there, you know? And so, and so you, 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 multi million dollar houses with what they saved on California income tax the first year that they left there.

5:11I know one guy that owns a winery over there and see only I said 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. 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 it, I think it was a hundred and twenty seven billion or something and he said, well, how are you going to fund that? Well, he said, not just the billionaires. I'm going to tax everybody. Yeah. So welcome to socialism. Yeah. Yeah. Yeah. Again, he told you what he was going to do and then you elected him so you get what you paid for. That's right. Um, you know, you know, things, things that I thought would never happen. Yeah. I don't know. I, I have to watch myself because I get all ginned up and hyped up myself and my drama queen kicks in and, and then a lot of this stuff flames out and these people that, you know, they just go there yesterday's memory of something stupid. And if that happens, you're going to root New York real estate. So obviously been a wonderful investment for a hundred years, okay? Right. Right.

6:11And 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 because the whole place is going to hell. I don't think that's going to happen. Not quick anyway. It's harder to turn this a ship that size than he thinks it is. I, I, I really hope you're right. And that's, so you would say, I'll just say, wait a minute, why don't you, I honestly would go out to Westchester and get outside the city and buy something and shut up. You can, I mean, I'll get you dad gum car or get a car service and go downtown. And then you don't get your property confiscated by a communist. I mean, and I mean, that's, that's not that hard of a decision, but, but they're giving you, again, they're not going to do any of this season. So they're going to do whatever they're going to do. It's not, they're not going to listen to you or me. We're just boomers. What do we know? And so, um, 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 want to just pause a second and let's just see

7:12what happens. 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 it's going to go in one ear and out the other. So if I'm you, uh, 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, uh, if you're doing customer interviews, you want to create questions that customer sit with or, uh, 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.

8:15I think that's the approach I take as a problem with adult children is you don't really get a vote. You don't. Tell. Create your free every dollar budget today, the simplest way to budget for your life.