Whilst it is a nice idea to put textual labels in, and whilst it may work for grid-based cities such as those in the USA... it's really going to have a problem in Europe where many large cities are the result of growth over centuries and the merging of villages and towns into cities.
London has so much duplication in things like High Street, Church Street, Chapel Lane, Market Place... and the system outlined will just fail to disambiguate.
The only thing that could truly work on a global level is some geospatial identifier in the URL, with text that followed it. But then if the place itself was large it could span multiple geospatial points and result in duplication.
Duplication of URLs is probably better than ambiguity over what the URL points to.
PS: I tried to do a query on Open Street Map to discover how many High Streets there are in London but I hit the limit of their disambiguity service. And there are High Streets from one old village that have been extended to the point that they touch the High Street of another old village. 2 different High Streets with an almost identical postal code.
PPS: Perhaps a post-code? In the UK it's good enough to give someone a post-code and door number and you can get to their front door. How that would work globally I do not know... fine for most of the Western World, useless in India maybe, etc.