City of Blinding Lights Lyrics Meaning

Although I would certainly agree with the interpretation of the song being about New York, but I think there is a very personal meaning for Bono, as is often the case in his songs. I've always interpreted the song being about Bono saying that he is ready to die and hoping he will be with God and with his mother.

In the first lines Bono looks back about his teenage days, after his mother's death (he was 12) and he was starting the band, trying to deliver a strong message to the world (early 80s), and then realizing after all those years and his experience, that he does not have all the answers.
"The more you see the less you know
The less you find out as you go
I knew much more then than I do now"

The following lines, always sounded to me like he is looking at the stars in the sky, where we, mortals will end up. The sky is after all where Christians believe is the realm of God, heaven.
"A city lit by fireflies",
"They're advertising in the skies
For people like us"

The following lines express his sadness. Both at the world and of the loss of his mother. In this case the lines can be interpreted as Bono missing his mother (who he would hope is in heaven), and him being ready to be with her again. By the same token, he may want to be with God again, and asking him to take him away.
"And I miss you when you're not around
I'm getting ready to leave the ground"

The few lines after that may be Bono, looking at a casual photograph taken of his mother. Maybe a simple moment of daily life, captured for posterity and now making Bono think of her.
"Don't look before you laugh
Look ugly in a photograph
Flash bulbs purple irises
The camera can't see"

The following paragraph, is about self doubt. Having seen his mother walk towards death (after being sick) unafraid, possibly because of her faith and a life without regrets (the clothes you made) And then he compares his own life, and wonders what happened to his own faith, and losing hope (the beauty inside of him).
"I've seen you walk unafraid
I've seen you in the clothes you made
Can you see the beauty inside of me?
What happened to the beauty I had inside of me?"

The next few lines connect the present to the past
"Time...time...time...time...time
Won't leave me as I am
But time won't take the boy out of this man"

Again, asking his mother not the leave him (which is also a theme in other songs), and how after all those years, he is still a boy, needing her. The boy could also symbolize his innocence, sense of hope and faith, which he questioned in earlier verses.

The song closes with Bono looking at the photograph, and missing his mother, and asking God to one day let him be with her (and in His presence) again. So he realizes that as he learned more about life (on earth), he also lost his faith and sense of hope. He then compares the faithful from the sinners (stealing) and is thankful that despite his loss of faith, he may still be blessed by God and go the "city of blinding lights" with his mother and God.

"The more you know the less you feel
Some pray for others steal
Blessings are not just for the ones who kneel... luckily"