Jay-Z is saying that he's "like a black republican" because he is so wealthy that he feels detached from the struggles of the average black man just like black republicans are. But even still, he "Can't turn [his] back on the hood, [hes] got love for them."
Jay-Z obviously isn't actually a black republican, hes just comparing himself to them because hes rich and feels detached from other black people.
Jay-Z is saying that he's "like a black republican" because he is so wealthy that he feels detached from the struggles of the average black man just like black republicans are. But even still, he "Can't turn [his] back on the hood, [hes] got love for them."
Jay-Z obviously isn't actually a black republican, hes just comparing himself to them because hes rich and feels detached from other black people.