Out in London, smoking, vibin' while I ride the tram
Jay has moved to London where he currently lives.
As Just Blaze explains it in an interview for hardknocktv:
Jay moved out to London. Jay’s got a situation in London. He’s doing good out there. He’s happy out there.
As we can see from this verse, Jay’s conception of happiness simply is “smoking” and “vibin'” while riding the public transports; humble lifestyle.
In the UK, Jay has had a lot of (often negative) press thanks to his relationship with Kate Rothschild, a financial heiress who left her husband (another financial heir, Ben Goldsmith) for him.
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