Stress levels rise, and the hormones (corticosteroids?) depress all the fishes' immune systems, making them more susceptible to minor parasites, which have more opportunity to find a host under crowded conditions. Rising levels of ammonia may be more than plants can absorb,. encouraging algae and repressing nitrite-metabolizing bacteria, resulting in a nitrite spike toxic to the stressed fishes. Increased organics in the water, respiration and decomposition of feces etc. all pump CO2 and other metabolic acids into the burdened system, which erodes the buffer, resulting in falling pH levels, yada yada yada