This song is based around a sample from Lou Reed's "Walk On The Wild Side." Typical of A Tribe Called Quest's laid-back style, they rap about how they love what they do using clever rhymes and cultural references. To "kick it" means to hang out and have fun.
In a 2011 interview with Hip Hop DX, A Tribe Called Quest rapper Phife Dawg explained that the group has never received royalties from this song because of the Lou Reed sample. Apparently Reed earned money from the track, and though Dawg is thankful he let his group use "Walk on the Wild Side," he's disappointed that Reed never bothered to offer to spread the wealth.
The line, "Mr. Dinkins won't you please be my mayor?" is a reference to David Dinkins, who did indeed become mayor - the first black mayor of New York City. Dinkins took office in 1990 and had the position until 1993 when he lost to Rudy Giuliani.
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