The term "Jewtown" or "Jew Town" is an Anti-Semitic term, phrase, or name. The meaning behind its use for the old Maxwell Street Market in Chicago is the phrase "Jew You Down."
I will explain why. Greektown, Chinatown, Little Italy, Lithuanian Plaza, and Ukrainian Village, are actual legal Chicago neighborhood names in their greater communities. They are not racist nor derogatory because they refer to a country and not a religion. Those neighborhoods use their names to define themselves, their businesses, and their restaurants and grocery markets. Want a Greek grocery store? You know what neighborhood to go to.
If we take the term "Jewtown" and apply the same rules as the naming of other Chicago neighborhoods, then "Jewtown" should be named "Israeli-town." (Israel became a Jewish State on May 14, 1948,) To make the point clearer, If we take the name "Jewtown" and apply the slur name to Chicago's Bronzeville neighborhood, it would be called "Ni**ertown."