The localhost version was working just fine. Then, I imported the DB data from my remote host (Heroku), and it caused the problem.
More troubling, I then restored my localhost DB from a previous localhost DB backup (made prior to any import/export from Heroku), and it still does not work. This is what is more confusing to me. The wp-config.php file has not been modified locally (verified with a simple ‘git status’). Hence, the configuration and DB that were working are no longer working.
The DB server is running locally and can be accessed with the user credentials (Postgresql, in this case, verified by connecting with the psql command line tool).