Psalm 132:15 ASV

The last half of this Psalm is a statement of God's promises to his "chosen Zion." There is a clear and explicit promise of material provision. No question about that. But who is God making this promise to? Is it to Jerusalem (hard to believe, given historical record.) Is it to Israel as a nation or the Jews as a people? (Again, hard to believe given the recorc - unless one makes some hardy dispensational arguments or limits it to those who live within the covenant.) Is it metaphoric of God's people in general? Is it just plain wrong?

A clear promise, but a hard context to know exactly how to apply.