I think this is a good move, and glad to see YC doing it. And this is coming from somebody who is neither black nor hispanic. I mean, I get the whole "isn't this just affirmative action and isn't AA bad?" thing, I really do. But this is a private business, not a government agency, and they are free to try and address issues of equality and what-not in whichever way they see fit. And when you're part of a group that i…
That there is underrepresentation with respect to a minority is indicative of that minority generally having lower socioeconomic status, and perhaps prejudices against it. To try to combat whatever those prejudices may be, the suggestion here is that "diversity is good" and that just having more minorities will help the problem.
The difference is that it actually won't, because now you have a perception of people being given opportunities they don't deserve, just because they are a minority.
A much, much better way to try to deconstruct the sorts of prejudices or minority disadvantages, which this initiative is ostensibly trying to do, is to make these sorts of initiatives open to anyone disadvantaged (such as the poor), and invest in programs targeted at children in poorer (disproportionately minority) communities.