Originally Posted by AirBear

I don't know what the area looks like or their altitude when the engine failed but I'd think twice about giving up control to the parachute. Maybe they weren't high enough to make if back to the runway, or maybe the area was too built up for a safe engine out landing.
Once you pull that chute you give up choosing a landing spot. I can think of all kinds of bad things that can happen, especially in heavy industrial areas.