Vanishing theorems for Shimura varieties at unipotent level

We show that the compactly supported cohomology of Shimura varieties of Hodge type of infinite $\Gamma_1(p^\infty)$-level (defined with respect to a Borel subgroup) vanishes above the middle degree, under the assumption that the group of the Shimura datum splits at $p$. This generalizes and strengthens the vanishing result proved in "Shimura varieties at level $\Gamma_1(p^\infty)$ and Galois representations". As an application of this vanishing theorem, we prove a result on the codimensions of ordinary completed homology for the same groups, analogous to conjectures of Calegari--Emerton for completed (Borel--Moore) homology.