Many Street Photographers enjoy their Street Photography final photographs presented in Black & White. I can understand why, without the color, you are left with the emotional impact of the photograph. The colors are gone, and just your subject is left. This can make a much more powerful photograph for viewing. All the famous Street Photographers knew that, even though color film was available, they chose Black & White as their preferred film stock. I say, give color a try, you may need to incorporate colors a little differently, if you can, so they are not over powering the subject.
Other ways to incorporate color, is to help separate the subject from the background… no matter how over whelming background is! If the next photograph was Black & White, the person walking across the ally would get lost with darker background.
Other times, you can show a more tourist look with color. Here is a group of tourists with plenty of interaction, and the color helps give it a more festive feel as a tourist may have visiting a new city. Also notice that the background is not overly bright, helping to bring attention to the foreground.
Also color can make a photograph a little more interesting if the color plays an important roll in the overall photograph. Here is a photograph that I think is more powerful in color… you decide….