[ethbr1]

This is moreso a problem with government/not-for-profit budgetary processes and capex vs opex.

With government funding, it's use-it-or-lose-it. I.e. state legislature will definitely allocate it to something else next year, if they come in under-budget in a year.

Add on top of that that state schools have the NASA problem: they're effectively performing (to state legislature and donors) for their dinner. And big, splashy buildings (with dedication names!) impress both. And attract picky faculty and students.

With not-for-profit, facilities are one of the few allowed places you can dump excess cash.

I floated in another comment that government grant/loan programs should impose an ACA-style admin vs teaching cost cap on institutions for participation. Maybe for capex too?