The song is sung in the persona of an impoverished fisherman off Long Island and the surrounding waters who, like many of his fellow fishermen, is finding it increasingly hard to make ends meet and keep ownership of his boat, a type known as a downeaster.
The fisherman sings about the depletion of the fish stocks ("I know there's fish out there, but where God only knows") and the environmental regulations ("Since they told me I can't sell no stripers") which make it hard for men like him to survive, especially with the conversion of his home island into an expensive summer colony for the affluent ("There ain't no Island left for Islanders like me"). The lyrics reference locations in the Outer Lands such as Block Island Sound, Martha's Vineyard, Nantucket, Montauk, and Gardiners Bay.
While the song is about a fictional person, it decries the plight of the Long Island Baymen. Joel was always sympathetic to them, even getting arrested during a protest supporting the Baymen. At one point Joel had underwritten a plan by his young boat captain to use his boat (Alexa Ray, a 46' custom downeaster) as a commercial fishing and charter fishing operation. As the two developed the plan, it became increasingly clear that the challenges facing a small commercial operation were greater than he had imagined. The idea was scrapped. It was not long after that this song came together.
Alexa is the name of Billy Joel's daughter, Alexa Ray Joel. The Alexa Ray was a Jarvis Newman 46' fiberglass hull custom finished by Lee S. Wilbur & Co. in Manset, Maine. The hull was based on the Maine lobster boats known as a "downeaster". Joel has had several other boats since the Alexa Ray, all based on similar hulls. The "Alexa" on which the song was based was a Shelter Island 36, custom built by Coecles Harbor Marine in New York using a BHM 36 hull. A later one, also built in Maine, is a "Patriot 36" called Argos.
Knowing multiple fishermen, and their families.. This song rings true, as does the spirit, as I worked with... and as.. a fisherman
I live on the Pacific. Mr Joel..."billy" is based on thee Atlantic.
Not to mention his talent and musicianship!