This is certainly not true at some universities. For instance, at the University of Michigan dorms have been renovated on an annual cycle (around one building a

This is certainly not true at some universities. For instance, at the University of Michigan dorms have been renovated on an annual cycle (around one building a year) at an expense of millions of dollars for small renovations and tens of millions of dollars for larger ones. These larger upgrades often include fancy dining halls with lots of options, along with well-appointed interiors. Furthermore, the number of new buildings and construction projects (about 10-12 currently) at any given time is insane in my opinion, though some are funded by donors for specific uses so can't be reallocated.