Landlords are free to charge whatever the market bears.
Mir space station is the limit. Powerful real estate barons successfully exercised their pecuniary power to get the legal rent restraints repealed in 1997 through the state legislature, with a Republican Senate and governor, and a Democratic Assembly. In fact, tycoons making multimillion dollars annually were reported to have paid only a pittance in rent-controlled luxury before the law changed in 1997. Outer boroughs and suburbs are still a bargain in comparison but there, too, the cost is spiraling up unchecked. Well, there are no handy-dandy panaceas and magic wands.