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Administrative cost is certainly part of it. That's not just higher salaries, but the size of administrations as more positions are added to fill different roles. But honestly that's not even the biggest factor, especially for these small to mid size private schools that are on the chopping block. Those administrators aren't making millions.
The biggest factor as another commenter already pointed out is the elimination or reduction of state support, shifting the burden to the student. You may ask how this applies to private schools. True, they have never received operational support like public universities. But they have historically received state funded research grants, tax exemptions, subsidies, land, etc., not to mention the students who receive government funded tuition grants. All of that government support has been reduced or eliminated over the years, and the burden has shifted to the student.
Another huge factor is the fact that there is no bankruptcy for student loans. This means lenders have no problem lending ridiculous amounts of money to kids who can't even legally buy a beer. When there's no limit to how much can be borrowed, it incentivizes schools to raise the cost simply because they can.
A huge factor that isn't discussed openly very often is the fact that higher tuition allows schools to shape their student body the way they want. They can offer assistance to the students they want most that way and weed out unremarkable ones. They can attract some of the best and brightest, and the rest of the students are basically footing the bill for them.
Another big factor is the campus expansion and renovation projects that are constantly happening to attract students. The infamous "lazy river" projects and other luxuries designed to attract students so they can compete with other schools but drive up the price tag. State of the art stadiums, gyms, dining, maker spaces, etc. all costs money. The amenities that are standard today would never have been dreamed of 25 years ago.
Anyway, these are some of the ones off the top of my head. I know there's more. Yes administrative cost is part of it, and yes you should be mad that the tuition is so out of control, but to boil it down to greedy administrators doesn't really capture the majority of the problem.