There are some obvious reasons of how the housing crisis is affecting fashio retail: for instance, people are having to pay a much higher mortgage, thus not leaving them extra cash to go out and shop.
The other obvious reason is that, with having to pay higher mortagage, households have to pay other expenses such as food, gas, phone bills, electric, and other miscellaneous expenses.
With the economy the way it is now, people are on a saving alert. They are not spending as much, instead they are saving for other emergencies There are other necessities to worry about rather than having the latest fashion. The fashion retail stores are going to be hurting for the time being, but I believe this unfortunite circumstance will surpass sooner or later.
Furthermore, the housing crisis is having a global affect. For example, "California's housing crisis is largely of its own making-the escalating consequence of failed pulic polices that determines how communities grow." More than 2.2 million low-income homeowners and renters in urban California are paying more for housing that they should. This is where their money shortage comes to play; they don't have enough left for other necessities.
"...about 2/3 pay mire than half of their income for housing and 91% pay more than the recommended 30%." These are the low-income homeowners.
Affordable housing could be fixed because I do not believe it is too late, nor the problem is insurmountable. All there needs to be done is hard work, and everyone working together to help diminish the issue at hand.
Sources:
Rebuilding The Dream: Solving California's Affordable Housing.
A New Solution For The Housing Crisis.
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