Most ppl use a variable called "yspeed#", which is constantly added by the player's y position. and yspeed# is constantly decreased by the gravity.
Because of this, the player will
float/stand if the yspeed# = 0
go up if the yspeed# > 0
go down if the yspeed# < 0.
Because the gravity pulls the yspeed# as slow as you want, the object will speed up according to the gravity.
To limit the falling speed, simply use the condition:
if yspeed# <
MaxFallSpeed# then yspeed# =
MaxFallSpeed#
Note: MaxFallSpeed# has to be < 0. Because the object has to be falling before reaching the limited falling speed.
It's the programmer's life:
Have a problem, solve the problem, and have a new problem to solve.