Prologis CEO Hamid Moghadam was mugged outside his $15 million home in San Francisco last month.
Owned by the Vanguard Group and BlackRock, Prologis is the largest industrial real estate firm in the world.
Moghadam spoke to the San Francisco Business Times about the incident and explained that he had been attacked at gunpoint by two men in Pacific Heights. He stated that the altercation lasted approximately 30 seconds.
"They were attacking me. It happened so fast that I didn't have time to get scared," Moghadam explained. During the attack, he fell and injured his back and knee.
Moghadam said that his wife is still having nightmares about the attack.
The two muggers stole Moghadam's Patek Philippe watch. The watch brand sells its pieces for anywhere from $12,000 to $2 million.
Fed up with San Francisco's soft-on-crime policies, the millionaire wrote to Mayor Breed, Governor Gavin Newsom, and the city's Board of Supervisors, requesting that they crack down on the soaring crime levels.
Moghadam stated, "I would say, right this second, San Francisco is probably the most dysfunctional city in America."
The CEO expressed concern that if elected officials do not act soon, businesses will flee the city. "Ten years ago, we acquired a larger company that was headquartered in Denver, but I insisted we keep our headquarters in San Francisco. Today, I am not sure I would make the same decision."
According to the U.S. Census Bureau, San Francisco's population decline from 2020 to 2021 was the largest of any city.
Moghadam firmly believes the decrease in population can be attributed to the high crime rate. He stated, "I told the mayor very, very directly, 'Look, I'm sure in the early '60s, Cleveland and Detroit were wonderful communities with the auto and steel industries going strong, and they were the center of the universe. Obviously, something happened."
Just last month, nearly 60% of citizens voted to recall the city's District Attorney Chesa Boudin for his weak stance on criminal justice. Boudin was replaced by Interim DA Brooke Jenkins, who immediately cleaned house by firing 15 of Boudin's former staffers.
San Francisco's new DA stated, "I promised the public that I would restore accountability and consequences to the criminal justice system while advancing smart reforms responsibly."