Why aren’t more Universities being built?

I feel like for every major city, some three or more big Universities were built a long time ago and have been the only Universities since.

I don’t understand why more Universities aren’t being built? The number of students is increasing and competition is getting tougher and tougher, so why not make new universities?

Even if they aren’t established Institutions, they can become so, and it could also help offload certain applications only looking for baseline education, who end up applying to bigger universities because they have to