It states that owners can rent to tourists, provided that they declare their intention to rent and that their property is legal and has its habitability certificate, without needing the express permission of the building's community association (communidad).
However, these conditions don't apply in areas designated as tourist resorts (suelo turístico). In a nutshell, if we understand this right, it means that properties in buildings and complexes outside tourist areas can be rented to tourists, but properties in buildings and complexes inside tourist areas can't be.
Also, communidades will still be able to ban holiday lets if enough of the members vote to rewrite their statutes to include a ban.
The source article for this post is from Maspalomas Ahora.