And if a country has plenty of land, and food, to go around - then for scarcity to become a norm, something(s) must have their hands pretty deep in the cookie jar.
Either they accrued capital already, or borrowing from relatives who did, or they're not living independently. They're sharing accommodation that would be cramped for two among six.
Lifestyles once only necessary for students are now de rigueur for established graduates, with the possible exception of better food.
"You achieved a university degree, so you deserve to be elevated for life" is little different in its entitlement bias than "you achieved house ownership, so you deserve to be elevated for life".
Equality goes beyond such things.
However, a degree usually requires hard work (being born wealthy does not), and has been widely recognised as the best legal route out of poverty for decades. We are not a communist society and do expect hard work to lead to greater standards of life, on average, even if there are exceptional non-graduates and lazy graduates. If even the best legal route is failing en masse, then we are screwed.