The CEO of the world’s largest industrial real estate company and his wife were ambushed by two gunmen outside their $15 million home in crime-ridden San Francisco while calling for mayor London Broad to end an ‘unacceptable level’ of crime and violence.
Hamid Moghadam, president of real estate giant Prologis, revealed that he had been robbed and attacked by two armed men outside his home in Pacific Heights on June 26. San Francisco Business Times reported.
Shaken by the incident, Moghadam said he sent a letter to Breed, the city’s board of supervisors and California Gov. Gavin Newsome, and calls on elected officials to increase crime in the city.
“I recognize that we live in an urban environment, but the level of crime, including violent behavior, has become absolutely unacceptable,” Moghadam wrote.
‘I am deeply concerned that our city is so far down the road to decay that we will never be able to come back – or at least not for a long, long time.’
“I would say, right this second, San Francisco is probably the most dysfunctional city in America,” he added.
Hamid Moghadam (above), CEO and president of real estate giant Prologis, revealed that he and his wife were robbed by two armed men outside their home on June 26
He said the thieves attacked him in front of his $15 million home and took his coveted Patek Philippe watch. The luxury watches can go anywhere from $12,000 to $2 million
The incident took place in the northern area of San Francisco, in wealthy Pacific Heights
Moghadam said the incident inspired him to advocate for the city, which has seen homelessness and violent crime rampant in the past two years
Speaking about last month’s robbery for the first time, Moghadam told the Business Times that it happened just outside his home while he was with his wife Christina and that it lasted only 30 seconds.
‘This car is coming out. The man jumps out with a hoodie and a gun,’ Moghadam told the publication, adding that he fell back and re-injured his back and knee. ‘His friend comes out with another gun.’
‘They used a lot of choice words. Mostly starting with ‘m’ and ‘f’, he added.
‘They attacked me. It happened so fast that I didn’t have time to get scared.’
The brazen thieves got away with his Moghadam’s coveted Patek Philippe watch. The luxury watches can go anywhere from $12,000 to $2 million.
The wealthy Pacific Heights neighborhood where the incident took place has housed several elite individuals, including Oracle Corp. Chairman Larry Ellison, tech investor Peter Thiel and US Senator Dianne Feinstein.
The Prologis CEO, whose net worth is at least $207 million, said his wife still has nightmares about the robbery, and the incident has inspired him to advocate for the city where he founded his company four decades ago.
Moghadam warned Broad that the reputation of the Golden City was at risk, and it could see a fall like that experienced by Detroit and Cleveland.
“I told the mayor very, very directly, ‘Look, I’m sure that in the early 60s, Cleveland and Detroit were wonderful communities with the auto and steel industries strong, and they were the center of the universe. Obviously something happened,” Moghadam told the Business Times.
He added that the current state of San Francisco could also push away businesses that created the city in the first place.
‘Ten years ago we acquired a larger company headquartered in Denver, but I insisted we keep our headquarters in San Francisco,’ Moghadam wrote in the letter. ‘Today I’m not sure I would make the same decision.’
Moghadam, pictured with wife Christina, said she still has nightmares about the robbery. He warned that rising crime has tarnished The Golden City’s reputation
Last month, citizens fed up with the state of their city – more than 70,730 people out of about 118,000 citizens – voted to remove vigilante district attorney Chesa Boudin, whose anti-incarceration policies were widely seen as causing the ongoing crisis.
He was originally elected on a platform of criminal justice reform, but his notoriously progressive laws have been widely blamed for rising crime and homelessness in the Bay Area since the start of the pandemic.
During Boudin’s time in office, ‘smash-and-grab’ robberies became common, with thieves brazenly raiding store shelves in broad daylight, only to avoid charges due to Boudin’s lax policies.
He has since been replaced by Brooke Jenkins, 40, who cleaned house after taking over from her old boss as both she and Breed vowed to tackle rising crime and increasingly common open-air drug markets in the city
Chesa Boudin (left) was ousted from his position as District Attorney in June after critics accused him of not doing enough to keep residents and business owners safe amid a crime wave. Brooke Jenkins (right) has since taken over and fired 15 members of Boudin’s team
Earlier in the summer, Breed announced that the official outdoor drug market of the city, in the heart of the civic center of San Francisco, will close at the end of the year.
It came after it was revealed the facility which is said to have cost taxpayers $19 million treated just one in every 1,000 users and failed to reduce fatal overdose numbers.
But while the site is shutdown, public drug use seems to be on the rise as a shocking video posted in July shows school children navigating streets full of homeless people, with some of the men doing drugs out in the open.
The video, posed by Ricci Wynne, showed the elementary school children filing the transit line 14 in the Golden Gate City at 8th Street and Mission by the Pacific Gas and Electric Company that was built past dozens of sick users who on ‘ nod the stoep.
‘This is not an ally’, Wynne wrote in the tweet. ‘This is the main artery of the city that has been hijacked bye [SIC] drug dealers and now Pure is dirt,’ Wynne said in the tweet.
‘I’m just trying to recreate the images of the streets and the conditions [the public],’ he said in a separate video. ‘Bring awareness…I’m trying to push for a change and try to see if we can get the streets back because we’re losing here.’
A shocking video released earlier this month showed schoolchildren having to navigate their way through one such market, a dirty, open-air drug den of homeless addicts, after getting off a school bus at the end of the day
The video, posed by Ricci Wynne, showed the elementary school children filing the transit line 14 in the Golden Gate City at 8th Street and Mission by the Pacific Gas and Electric Company that was built past dozens of sick users who on’ nod the stoep
School children were forced to submit to homeless addicts who gathered on the sidewalk at 8th Street and Mission to do drugs
Earlier this month, it was revealed that office vacancy in the Bay Area has risen to an astonishing 24.2 percent in the most recent earnings quarter — up from 23.8 percent in the previous period.
The statistics illustrate the city’s failure to recover after the initial spread of the coronavirus, with homeless encampments and open-air drug markets becoming commonplace on its streets over the past two years.
As crime continues to rise, office workers feel increasingly insecure, choosing to work from the safety of their home rather than venturing outside for a conventional commute.
That recent gravitation toward remote work — coupled with mass firings — while saving money for big tech has left small businesses in the region struggling as they rely on the presence of the now absent workers to make a profit.
Deepening the struggle are recent hiring freezes implemented of late by some of the region’s biggest companies, such as Google – leading to even less foot traffic in the city’s now crime-ridden hubs.
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