I'd prefer democratic socialism to communism, but generally yes. And you're right, racism isn't solved by just handing money to everyone and believing that'll be the end of it. That's not what democratic socialism is about - if it were that simple to stop racism, it'd be done.
What will work is community integration. That's about larger community projects which encourage people to mix together. You build a youth club between those two parts of Chicago and you get the kids playing sport. Old racists aren't going to get any less racist, but there's hope for the kids.
Black people are about ten times more likely to be in poverty than white people (because of racism) but there are ten times as many white people in poverty than black people (because of demographics) - what those people have in common is poverty, what they don't share is skin colour. What identity politics does is point solely at skin colour and say 'this is the only facet of privilege worth talking about' and what happens is poor white folks in the rust belt move Republican. The wider politics is a numbers game - you can't solve racism with identity politics. I wrote about that here. https://medium.com/lucid-nightmare/what-we-all-lose-when-society-plays-identity-politics-397dcb896d5b
The only way you can solve racism is by racial mixing, community events and teaching young people to question what older folks are saying. That's it. That's far more likely under a left-leaning government than a right-leaning one and that's a huge problem which identity politics is creating. As I said, I'm not questioning your desire to end racism, I'm not questioning that racism exists in Chicago and elsewhere - I'm questioning the methodology that people have for reducing it.