The student housing crisis surrounding large public universities remains underexamined in education scholarship. This paper fills a gap in literature by analyzing how Purpose-Built Student Accommodation (PBSA) adds to the hidden cost of attending these institutions and examines the broader implications of commodifying studenthood for students, local communities, and higher education itself. University enrollment growth--particularly the influx of out-of-state and international students--combined with the financialization of student housing, has created a 'crisis by design,' transforming student housing from a basic need into a profit-driven asset class. While local housing conditions and municipal policies vary, the general student housing market is shifting away from long-term commitments to affordability and toward short-term, market-driven solutions. To understand the affordability crisis in higher education, housing must be reframed as central--not peripheral--to educational equity.