@HydeSnark presents very good analysis, and I suspect his assertions ring close to the truth. If, per the numbers he provided, there are, roughly 800-1000 more wealthy (full freight paying) students at Chicago now than before, that’s maybe $40-50M more in tuition revenue a year. That’s a significant chunk of change for a College’s operating costs. My sense is Chicago is serious about getting low income students, but also dead serious about having a foundation of wealthy students to fill the coffers. I suspect it’s the middle class students that are squeezed out the most here.
One point that deserves more mention: Chicago is not great at fundraising, and doesn’t have a huge endowment, making tuition more important to the school. There was another post about this - even when looked at in the most favorable light, Chicago has raised far less money over the past 8-10 years in comparison to Columbia, UPenn, Hopkins, etc.
At bottom, keeping a research U at the top is an incredibly money-hungry enterprise. And that, I think more than anything else, is the Admin’s goal - to keep Chicago competitive in the race. The money to do this, then, has to come from somewhere.