I, Young 'Vito, voice of the young people
Mouthpiece for hustlers - I'm back, motherfuckers

from Jay Z – The Ruler's Back Lyrics on Rap Genius

Meaning

Young Hov is one of Jay’s names, and in 2001, both on this album’s “Hola Hovito” and his verse on the Beanie Sigel song “Think It’s a Game”, he introduced “Hovito” (basically Spanish for Young Hov) as another. The name is likely a portmanteau of his nickname Hova (from Jay-Hova, the “God MC”) and Vito Corleone of the Godfather movies

Vito Coreleone was known as a “man of the people” in the Godfather movie. That’s how he made his way up and Jay is saying the same about himself, he’s the voice of the young people since he comes from the streets and is aware of how the teens live. After all, he was one of them.

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