It could, since kanji have a lot of different meanings, similar to the English word 'cut'. However,
View attachment 3537093
芋 = common: Potato; uncommon: worthless object
川= River
元=common: Origin; uncommon: ingredient/tree/handle/grip/book
下=common: Down, underneath, lower; uncommon: right after, far away from
The closest translation 下 can get to "near" is "right after something", aka closest to something happening--not a location word. 下 in context of near or far location wise is actually used to mean far from, not near. Both of those definitions are rarely used. Given that the other kanji have other meanings, one would read it as the common definition (down/under), not the ones I listed. Bad translation. Injecting bullshit drama from the Western world is something avid anime/manga readers hate.