Same for Malaysia. Lot and lot of highrise are build for exactly this purpose. High cost, "luxury" looking design, and boasting a "mall" just below the highrise. The result is a tons of dead mall, empty apartments, empty house, and unaffordable housing.

The government then regulate it, where they allow these place to continue to run but only on "commercial building", which mean only on these highrise build for the purpose of short term renting. It still doesn't solve the fundamental issue but at least we have law to combat these.