What the article doesn't say: the mayor has ties with several of the hotel chains (who did generous donations to his campaign). They're glad to get rid of the competition (unregulated apartment rentals).
The other thing they don't say: part of the housing problem also comes from expat workers hired by multinational companies. They get much higher salaries than the locals (sometimes 4x or 5x) and can pay outrageous rents or buy houses at a higher price, one that locals can't afford.