Even UCSC somehow got a new on campus housing development approved, so anything is possible, though it may take years.
The other thing to think about is that I read here that, in a few years, the population of HS students will be decreasing and that may reduce the pressure quite a bit as well. Maybe the demographers here can chime in. Unfortunately, for those kids applying during these last few years, like my two, there’s just too many great students right now.