Is the song Ballad of the Sad Young Men about gay men?

The song could certainly be about gay men, but it could just as easily refer to straight men, who also spend their time waiting sadly in bars.

Sing a song of sad young men, glasses full of rye

All the news is bad again, kiss your dreams goodbye

All the sad young men, sitting in the bars

Knowing neon nights, and missing all the stars

The line later on

Tired little girl, does the best she can

Trying to be gay, for a sad young man

probably means gay, as in cheerful, because if the sad young man is gay he is unlikely to be interested in a girl "trying to be gay".

The song leaves the question unanswered, with some ambiguity, and in doing so appeals to a wider audience.