Made vacancy and still the emcee,
This could mean more than a few things (it’s layered thought) but here’s the interpretation I’m sticking with:
I think when CJ says “may vacancy,” he is (firstly) referring to the line before where he mentions that he’s in a place to be (I put a suggestion in the explanation of that line with my take on it, which is relative to this explanation) & it seems as though he is saying that he could potentially vacate that place (that state of mind) for whatever reason (i.e. forgetting his purpose) & that relates to the next part…
The next part, “you’re still an emcee,” seems to be a reminder; he’s an emcee, anybody can rap but to be an emcee is to make it a profession, to be more than a rapper, to have roles in Hip Hop that find influence (in music & in efforts backing what you stand for). I think it’s a reminder to himself & the rest of the Era. The line after that ties back into this because it’s like he’s talking to the rest of Pro Era about us (the listeners & everyone else), saying that we know what they stand for, and that ties back in to remind them that they now have some responsibility as emcees.
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