Students pay for colleges’ extravagance

College and university administrators, and boards, don’t seem to appreciate the value of money. Or perhaps they’re just insensitive to the value of other people’s money. Whatever the reason, the evidence is overwhelming that many of them have extravagant habits. And, of course, this extravagance contributes to the high cost of college, a cost borne not only by students and parents but also by all taxpayers in the form of massive public subsidies (grants, tax exemptions, tax credits and deductions, etc.). The City University of New York (CUNY) provides the latest example.