According to the article, is mostly speculators betting that the property values will rise faster than the market consensus (these speculators don't want to be

According to the article, is mostly speculators betting that the property values will rise faster than the market consensus (these speculators don't want to be locked into leases that will soon undervalue the property). Also, it is arbitrageurs who think they can profit by repurposing the units (e.g., hotel/airbnb conversion).