Unlike the traditional American narrative around race (black vs. white), in this one, the privileged group consists of well-to-do Whites, Asians, South-Asians, and other highly educated recent-immigrants, while the underprivileged group consists of ghettoized African American and Latino communities.
These underprivileged groups are segregated physically from the former (in East Palo Alto, San Francisco's Bayview, and East/West Oakland), and are mired in a multigenerational cycle of poverty, violence, and disenfranchisement. However, they constitute a significant portion of the low-skilled, low-paid service labor force.
They reap comparatively little benefit from the economic boom brought on by the tech industry. Many of the arguments here on HN and elsewhere about gentrification in the Bay Area and it's benefits/costs ignore that the situation is layered over a long history of race-based tensions in the area.