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The only thing the University owns is the land that the houses sit on. The University isn't going to risk losing money and angering alums by tearing down their houses.
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They don't have to tear down the houses or sell the land in order to privatize. What they'd have to do is start charging market rent for the land. It's extremely valuable, and the GLO's only pay $100 per year apiece for it -- basically, they get prime property for free. Besides being a big subsidy, it's a lightning rod for criticism of the Greek system. The chapters could still have advisors, use campus space to meet, etc., but it seems like it would be best for everyone if the taxpayer-funded university and the GLOs were as separate as possible financially.
Ivy