Right element formerly depicted a woman as a shaman, and was comprised of an element meaning「pierced, penetrated vulva, multiple orifices」(樓) or, far more obvious in this glyph as「jism splatted, puckered anus woman」being a simplification of her duties as a sexual services provider of all varieties. In ancient China as it still is today with other primates, the usual sexual position often depicted in erotic art was rear-entry lordosis (note the upper-right old element was rod in both the slurry pit over/above the vaginal orifice), placing the anus in the HIGHER, SECOND-STOREY PORTAL, FLOOR, LEVEL, an historical fact that also is supported by these elements as「caked sticky brownish slurry with woody.」
Meaning of this element with「wood, tree」can be speculated as depicting a specially designed dildo that stimulated both vaginal and rectal orifices simultaneously, a reference to its TWO-STOREY, above and below multi-function structure (still sold by shops today, now with buzzing vibrations, too).
It is tempting to claim that shaman women were the first to live in an above-ground abode, leading to the TWO-STOREY meaning, and did so to facilitate watching as LOOKOUTS for other folks approaching their temples and shrines as places of business, and for various reasons. Or some claim that shamans are mediators of, to, with, for the spirit world, and as such imply that a shaman's existence is a「little way off the ground, floating above the rest of us.」Any sort of TALL BUILDING then could be likened to a shaman, and most taller structures were formerly constructed using wood from trees with the base buried in soil, since steel-reinforced concrete was not yet available, and mud has the tendency to settle in heavy rains. But the right elements as「jism splatted, puckered anus woman」clearly refers to her role in society as a professional sexual services provider, always on the LOOKOUT for new business opportunities, and while we may never know the original intent of the sages, clearly the scholar's wood-rice grain-female interpretation falls a bit short.

External source definitions …excluding politically incorrect concepts and other meanings deemed offensive today; may include extended definitions, euphemisms, and mnemonics)
Chinese: house with more than 1 story; storied building; floor
Japanese EDRDG: watchtower, lookout, high building
Unihan extended: building of two or more stories