Copied below is the statement from the mods. I have removed links to reddit to discourage traffic there.

TL;DR

We have received our Orange Notice and the Admins are demanding we reopen.

We know many of you disdain the megathread structure, but due to moderation constraints, we will be returning to megathread mode, meaning WAYWT is only allowed within the megathread. This will allow for natural discussions elsewhere and prevent your feed from becoming Instagramified.

Feel free to join the Discord.

Long Version

On July 1st, 2023, Reddit intends to alter how its API is accessed. This move will require developers of third-party applications to pay enormous sums of money if they wish to stay functional, meaning that said applications will be effectively destroyed. In the short term, this may have the appearance of increasing Reddit's traffic and revenue... but in the long term, it will undermine the site as a whole.

Reddit relies on volunteer moderators to keep its platform welcoming and free of objectionable material. It also relies on uncompensated contributors to populate its numerous communities with content. The above decision promises to adversely impact both groups: Without effective tools (which Reddit has frequently promised and then failed to deliver), moderators cannot combat spammers, bad actors, or the entities who enable either, and without the freedom to choose how and where they access Reddit, many contributors will simply leave. Rather than hosting creativity and in-depth discourse, the platform will soon feature only recycled content, bot-driven activity, and an ever-dwindling number of well-informed visitors. The very elements which differentiate Reddit – the foundations that draw its audience – will be eliminated, reducing the site to another dead cog in the Ennui Engine.

In addition to the moderation challenges, adversarial pricing model, dishonesty, lying, and threats, the actions by Reddit significantly impact completely ruin the accessibility of Reddit. Reddit has met with the moderators of /r/Blind and demonstrated not only a lack of accomodation but a genuine and dangerous lack of understanding of the impact of their actions. This is the case for many communities that rely on assistive technology and Reddit does not have the ability to address these concerns unless they drastically change their approach.

Throughout this entire process, Reddit's CEO has been demonstrably dishonest, indicated a lack of appreciation for the sites moderators and users, and shown that we are neither valued nor appreciated. /r/Streetwear moderators made the difficult decision to close the subreddit and take part in the reddit-wide blackout as protest to the API changes. Unfortunately despite multiple attempts to engage the admins in a discussion about the future of the subreddit, the future of the website, and coming to an amicable solution, Reddit has decided instead to ignore all of our messages and threaten to remove the moderation team. This leaves us in a difficult position - reopen the subreddit knowing that the community, the moderators, and the website as a whole is worse off, or restrict access until Reddit engages with us. We want a place where our community can thrive and we are not ignored by those who have a responsibility for the community.

Allow the developers of third-party applications to retain their productive (and vital) API access.

Allow Reddit and Redditors to thrive.