This clip made me think immediately of Man with a Movie Camera. I noticed some recurring shots, such as the man handing out tickets to people. The editing seems fairly random, as is the footage which looks like it was shot on the fly. It’s interesting that people don’t seem to care as much about the camera despite looking directly at it, as people today would be wary of a camera filming them.
Like Man with a Movie Camera it seems to be getting at the rhythm of city life, or life on a particularly busy street. I think the camera was used with such abandon to depict the street as it felt, without much structure or direction, and with attention that darts around as much as the people do. The editing helps achieve this too, by cutting with no concern for continuity or spatial awareness.