I have my "craft" area down in the basement. I moved in with my boyfriend and that was the only place that I could put everything. I like to rubber stamp, too.
I had some wire shelves already and that's where my larger pieces of fabric go. I also have plastic shelves that I bought at Home Depot that are about 4 feet wide. I actually have 3 of them. They have 4 shelves each and even if we do get any water in the basement, the stuff is off the floor a couple of inches.
I also use the plastic tubs that have drawers. I keep those next to my sewing table for easy access.
I don't mind sewing down there. I sometimes need to get away, if you get my meaning.