Housing shortage will not be issue next year - but it will be much more competitive to get in since VT is going to have to reduce their acceptances - expect a lot more waitlisted next year.
There is a hotel on campus and one a few blocks from campus that the school has put some freshman in because of housing shortage - - but they have been setup just like dorms.
I believe the bigger issue next year will be are there enough housing complexes and apartments for the sophomores that will be moving off campus next year.