My theory is that increases in tuition aren't immediately felt by students because we've come to a point where everyone is comfortable getting a student loan. Since you don't start paying on the loan right away the effect of the borrowing isn't immediately felt. This makes students more amenable to a frame of mind of just accepting tuition increases.

It could also be that it takes years to build new athletic centers and research centers and less time for bubbles to pop and tax bases to evaporate.