Walter,
I was walking through a market somewhere, I think it was in Spain, and I noticed this guy making his way through the crowd, and they were all greeting him like he was Jesus. Obviously a local character, as you say. Then I saw the dog and the feet. To me, this picture is about companionship.
By the way, I know Balmain in Sydney - a lovely place probably well gentrified by now. Like yourself, I sat with a few 'down and outs', for me it was in Oxford St. Sydney, on a recent visit, and I was astonished at their humanity. A little example: I handed a guy a few dollars to get some beer for himself and his buddy in a nearby bar, and he came back, solemnly gave me the change and told me he had bought a drink for me too. For better or worse, I sat on the wall and drank the beer with them. It wasn't the worst beer I ever had, and I've had a few!