San Francisco Is Not Safe Anymore For Businessmen

The prominent CEO of Prologis, Hamid Moghadam, feels no one is safe in the company’s hometown of San Francisco after he was robbed at gunpoint by several men.

The June 26 incident, until now not publicly reported, highlights rising concerns over crime and other challenges facing the Bay Area and adds to worries more residents and companies will opt to leave the region.

In a wide-ranging interview this week, Moghadam shared with San Francisco Business Times how the experience has made him more vocal in urging San Francisco’s leadership to make public safety their top priority. Moghadam founded Prologis, the world's largest industrial landlord, in the city in 1983.

The robbery occurred as he pulled his car up in front of his house in tony Pacific Heights, a neighborhood that is home to Sen. Dianne Feinstein, Rep. Nancy Pelosi and other luminaries. It came as he returned home from a trip to Stanford.

"This car comes out. The guy jumps out with a hoodie and a gun," Moghadam said as he reviewed security-camera footage of the robbery with me. "His friend comes out with another gun."

The thieves took his Patek Philippe watch, part of a product line that retails for US$ 12,500 to more than US$ 2 million. "It was a very ordinary-looking steel watch. But apparently, these watches have gotten very popular. When I bought it, it was much less expensive. I had the watch for many years."

"They were using a bunch of choice words. Mostly starting with 'm' and 'f.' They were attacking me," said Moghadam, who recalls the entire incident occurring in less than 30 seconds. "It happened so fast that I didn’t have time to get scared."

Unfortunately, San Francisco’s 911 system doesn’t work so fast. Moghadam said he waited about 10 minutes for 911 to answer his call. But he has high praise for the San Francisco Police Department’s fast response, which he estimates took about 90 seconds. In a letter Moghadam sent to elected officials, he praised police officers responding to his 911 call, naming Gaetano Acerra and Kevin Lynch. In my interview he also praised Sgt. Anthony Santos.