Some top students who got into other Ivy League schools might pass on Columbia. But Columbia will have no trouble filling their seats.
Where does a degree from an Ivy League school really help you? Not in most of corporate America. I've seen it. It does count for more up in the Northeast....but who in their right mind wants to actually live in NYC or Boston or some deep blue shithole like that? Certainly not me. Not in a million years. You get paid more? OK...now adjust for the cost of living differential with the rest of non Left Coast America. Now you really don't get paid much more when you factor that in....and you're stuck living there. Gross.
They’ll just take even more foreigners, making the problem worse.