If you want to put text inside of math formula, do it through command \text{ } :
z=1+i \text{ is inside of } \{|z|\colon |z|<4\}
producing
$$z=1+i \text{ is inside of } \{|z|\colon |z|<4\}$$
Note: \text is treated differently by LaTeX and MathJax because LaTeX compiles the whole document, in particular, what is inside of \text{ } while MathJax just leaves it as is (except, html commands inside of math sabotage MathJax).
MathJax does not provide a command for text "between the lines" while in LaTeX in some environments \intertext{ } works