Allow me to re-write that for you:
The wealthiest university on Earth is allocating it's spending towards other priorities than academic journal subscriptions. As a result which, faculty will not get everything they desire.That might be a good allocation, or it might not be. I don't know. I'm certainly no fan of the academic publishing industry. Perhaps subscription fees should be lower. But Harvard most certainly CAN afford $3.75M for subscriptions. They just have decided not to spend it.