Yes, according to Bloomberg, because the race of criminals reported to the people for violent crimes in NYC are 91% black and hispanic, that it is only fair to stop and frisk people in those proportions by skin color.
In fairness, they may also look to see if the people they are stopping look suspicious in other ways. I actually would favor stop and frisk, plus a savage beating, for anyone wearing saggy pants, or baseball cap at a sideways angle, but that's just my own personal prejudice.
The 4th ammendment apparently does not apply to NYC.