Anon, they could if they could come up with the money needed to buy the property and the board agreed to the sale. But that's extremely unlikely. The closest you could realistically get to that situation is to set up a Tenant Management Organisation, which most landlords would welcome.
Princess, you are incorrect. RSLs are not funded by the taxpayer (except through tax going to housing benefit going to rental income). Most have received Government grants, but these are effectively interest free loans in perpetuity and are accounted for as a liability.