Ending legacy favoritism will not hurt the Ivy League financially

There is a common narrative that disregarding legacy admissions in favor of a purely meritocratic system will cost the Ivy League and other top schools money. In the post Dropping the SAT Will Likely Cost Harvard Money I argue that this may not necessarily be true. I have updated that post to include MIT and Caltech as examples of schools which have large endowments despite not having any sort of legacy favoritism.