[bell-cot]

~6 years ago, the Univ. of Michigan did major renovations on its large student dormitories. We're talking old but structurally quite sound reinforced concrete & masonry buildings, each housing ~1,000 undergraduates.

U of M spent about $100,000 per student bed (not per room) on those renovations. They could have bought brand new, custom built, state-of-the-art suburban-sprawl McMansions and given every student their own bedroom (vs. mostly-shared dorm rooms) for less money. And had the old dorms left over.

Yes, that money was on UM's Housing (vs. academic) side. But you should not expect other non-classroom, non-academic spending (by any part of UM, or similar institutions) to be any less profligate.