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Indeed, schools offer acceptances more than their capacity, meaning that they have already estimated how many accepted students would be matriculating based on their past data. Therefore, even if we let go of our acceptances, it won't make much difference to waitlisted people. Only after may 15, most schools begin to consider waitlisted students.
This point should not be underestimated. Very few schools will be able to offer spots to waitlisters until their offers are accepted or rejected on May 15...waitlist movement before May 15 is very rare...