Umm.. these elite universities are sitting on tens of billions of dollars in endowment funds. They can easily build dorm rooms if they care to - especially given the universities already own the land and have vast amounts of unused land.
I think there is a fallacy to look at endowments like they are checking accounts. Or to assume elite universities generally have unused land or can rebuild a large amount of their dorms for less than hundreds of millions of dollars and significant disruption to campus life
