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investors who act conditionally on other investors are the worst

(but still are the majority so you have to account for them)

as you said pro-rata can't be after the fact. The company needs to know how much equity it is selling and can't allocate to new investors without knowing what the company has available

Agreed that they're the worst, and agreed that they are an unfortunate reality

Hopefully YC has enough power to slap firms around if they try and slip a contingency on YC pro rata into a term sheet.

No firm does, especially in a tricky environment. That's a wild comment to make...

They could just announce that if such a contingency is used YC will not do the pro rata.

Some investors don’t want previous investors to exercise their pro-rata. Depends.