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Head of world’s largest industrial landlord is mugged at gunpoint in lawless San Francisco

The CEO of the world’s largest industrial real estate company and his wife were robbed by two gunmen outside their $15 million home in crime-ridden San Francisco when he called on Mayor London Breed to end an “unacceptable level’ of crime and violence.

Hamid Moghadam, president of real estate giant Prologis, revealed that he was robbed and assaulted by two gunmen in front of his Pacific Heights home on June 26. San Francisco Business Times reported.

Moghadam, shocked by the incident, said he has sent a letter to Breed, the city’s board of supervisors and California Governor Gavin Newsome, urging elected officials to crack down on rising 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’m very concerned that our city may be so far down the path of decay that we may never recover — or at least not for a long, long time.”

“I would say, right now, 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 outside their home on June 26 by two gunmen.

Hamid Moghadam (above), CEO and president of real estate giant Prologis, revealed that he and his wife were robbed outside their home on June 26 by two gunmen.

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 from $12,000 to $2 million

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 from $12,000 to $2 million

The incident took place in the northern part of San Francisco, in the affluent Pacific Heights

The incident took place in the northern part of San Francisco, in the affluent Pacific Heights

Moghadam said the incident inspired him to advocate for the city, where homelessness and violent crime have been rampant for the past two years.

Moghadam said the incident inspired him to advocate for the city, where homelessness and violent crime have been rampant for the past two years.

Moghadam first spoke about last month’s robbery, telling the Business Times that it happened just outside his home while he was with his wife, Christina, and that it lasted just 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 backwards, re-injuring his back and knee. “His friend comes out with another gun.”

“They used a lot of exquisite words. Usually starting with “m” and “f,” he added.

“They attacked me. It happened so fast I didn’t have time to get scared.’

The brutal thieves made off with Moghadam’s coveted Patek Philippe watch. The luxury watches can go from $12,000 to $2 million.

The affluent Pacific Heights neighborhood where the incident took place has been home to several elite individuals, including Oracle Corp. chairman Larry Ellison, tech investor Peter Thiel and U.S. Senator Dianne Feinstein.

The CEO of Prologis, whose net worth is at least $207 million, said his wife still has nightmares about the heist, and the incident has inspired him to advocate for the city where he founded his company four decades ago.

Moghadam warned Breed that The Golden City’s reputation was in jeopardy, and it could see a fall like that experienced by Detroit and Cleveland.

“I told the mayor very, very directly, ‘Look, I’m sure in the early ’60s Cleveland and Detroit were great communities with strong auto and steel industries, and they were the center of the universe. Something has clearly happened,” Moghadam told the Business Times.

He added that the current state of San Francisco could also displace businesses that made the city prosper in the first place.

“Ten years ago we acquired a larger company headquartered in Denver, but I insisted that 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

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

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Last month, citizens fed up with their city’s state — more than 70,730 people out of about 118,000 citizens — voted to oust the awakened prosecutor Chesa Boudin, whose anti-incarceration policies have been widely panned as the cause of the ongoing crisis.

He was originally chosen on a criminal justice reform platform, 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 tenure, smash-and-grab robberies became commonplace, with thieves brutally raiding store shelves in broad daylight, only to evade charges thanks to Boudin’s lax policies.

He has since been replaced by Brooke Jenkins, 40, who cleaned up the house after taking her old boss’s job because both she and Breed vowed to crack down on rising crime and the city’s increasingly prevalent outdoor drug markets.

Chesa Boudin was removed from office in June after critics accused him of not doing enough to protect residents and business owners amid a crime wave

He has since been replaced by Brooke Jenkins who has fired at least 15 members of her predecessor's staff following his ouster last month

Chesa Boudin (left) was removed from his position as prosecutor in June after critics accused him of not doing enough to protect residents and business owners 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 city’s official outdoor drug market, in the heart of San Francisco’s civic center, will close at the end of the year.

It came after it was revealed that the facility, which reportedly cost $19 million in taxpayers’ money, was treating just one in 1,000 users and failed to reduce fatal overdose rates.

But as the site shuts down, public drug use appears to be on the rise, as a shocking video posted in July shows schoolchildren navigating streets full of homeless people, while some men take drugs in the open.

The video, posed by Ricci Wynne, showed elementary school children nodding from the Golden Gate City 14 Transit Line on 8th Street and Mission near the Pacific Gas and Electric Company building past dozens of ailing users on the sidewalk.

“This is not a backup ally,” Wynne wrote in the tweet. ‘This is the main artery of the city that has been hijacked’ [SIC] drug dealers and now it’s Pure filth,” Wynne said in the tweet.

‘I’m just trying to convey the images of the streets and the conditions’ [the public],’ he said in a separate video. “Raise awareness… I’m trying to push for 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 making their way through one such market, a filthy open-air drug den of homeless addicts, after getting off a school bus at the end of the day.

A shocking video released earlier this month showed schoolchildren making their way through one such market, a filthy 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 elementary school children exiting the Golden Gate City 14 transit line at 8th Street and Mission near the Pacific Gas and Electric Company building past dozens of ailing users nodding on the sidewalk.

The video, posed by Ricci Wynne, showed elementary school children exiting the Golden Gate City 14 transit line at 8th Street and Mission near the Pacific Gas and Electric Company building past dozens of ailing users nodding on the sidewalk.

Schoolchildren were forced to submit homeless addicts gathered on the sidewalk at 8th Street and Mission to use drugs

Schoolchildren were forced to submit homeless addicts gathered on the sidewalk at 8th Street and Mission to use drugs

Earlier this month, it was announced that office vacancy rates in the Bay Area rose to an astonishing 24.2 percent in the most recent quarter, up from 23.8 percent in the prior period.

The statistic illustrates the city’s failure to recover after the initial spread of the coronavirus, with homeless camps and open-air drug markets having become commonplace on the streets over the past two years.

As crime continues to rise, office workers feel increasingly unsafe, choosing to work from the safety of their homes rather than going out for a conventional commute.

That recent push for remote working – coupled with massive layoffs – while saving money on big tech has left small businesses in the region struggling as they depend on the presence of the now absent workers to make a profit.

The battle is compounded by recent staff freezes recently put in place by some of the region’s biggest companies, such as Google, which have resulted in even less foot traffic in the city’s now crime-ridden hubs.

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