Just like in the production of other durable goods, the lower bound on price (rent per sqft of floorspace per month) has a relationship with opex, capex, & financing costs, but it's only binding when we are talking about a very small scale - and individual with a mortgaged property trying to get into rental.

Buildings last 60-100 years. It does not take that much over building in a previous era to decimate the bargaining position of landlords of a future era. We have been using the law to prevent this horrible no good outcome /s for the last 100 years or so. We can stop anytime.