(I'm from the murder capital, where we murder for capital)
The hook is written by Kanye West (which can be seen in the making of video), who is from Chicago. Chicago has been the “murder capital” of the US several times. The designation is given to the city with the most murders, not the highest murder rate per 100,000 people. Chicago was the murder capital of the US in 1998, 2001, 2003, 2012. It is this dubious distinction that Kanye is referring to.
While Jay-Z was capitalizing on the “crack epidemic” of that late ‘80s and early '90s, New York had one of the highest murder rates in the USA. These murders were often motivated by money (or “capital”)
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