Suppose we have a complex algebraic variety $X$ with a map $f: X \to \mathbb{C}$ with $Y=f^{-1}(0)$. Let $\overset{\sim}{\mathbb{C}}$ be the universal cover of $\mathbb{C}-\{0\}$ and consider the fiber product $\overset{\sim}{X}= X \times_{\mathbb{C}} \overset{\sim}{\mathbb{C}}$. Given a perverse sheaf $F$ on $X$, we may apply the nearby cycles functor $\psi$ to $F$ by first pulling back to $\overset{\sim}{X}$, pushing back to $X$, and then pulling back to $Y$.
It seems like the definition of nearby cycles doesn't rely on the fact that the base of $f$ is one-dimensional, so I assume there are some nice properties of $\psi$ that fail when our base has dimension $\geq 2$.
What are the properties of the functor $\psi$ that fail when we replace $\mathbb{C}$ with something higher dimensional, say $\mathbb{C}^r$, for $r>1$, and why?