This song is "Morrissey" singing about Steven, just like Late Night, Maudlin Street, and in time it will be a classic.
The whole magic and sadness of it is that 'Steven' was a skint, hopeless, daydreaming teenager, living on Valium and his obsessions, never expecting that magic knock on the door - but Steven also had Mum, Dad, Nanny, Aunty Jean, his whole extended family just minutes away.
Then life happened, and time took them. There are some things the Sunset Marquis just can't compensate for.