Hi Jeremy, are you sure that UCSC masked the pseudoautosomal regions on chrY? Have a look, PAR#1 defined here ftp://ftp.ncbi.nlm.nih.gov/genbank/genomes/Eukaryotes/vertebrates_mammals/Homo_sapiens/GRCh37/par.txt is present unmasked both in the Genome Browser http://genome.ucsc.edu/cgi-bin/hgTracks?db=hg19&position=chrY:9951-10050 and in the reference for download http://hgdownload.cse.ucsc.edu/goldenPath/hg19/chromosomes/chrY.fa.gz
Actually, shouldn't the fact that the pseudoautosomal regions are present in both X and Y cause alignment problems for all people using hg19 for short read alignments? Basically that would be the same as having a part of an autosomal chromosome represented twice in the reference (which is in fact the case for the haplotype sequences included in hg19, isn't it?)
Relevant post: How do experienced people look for full reference genomes?