The party’s top brass reportedly met in London on Saturday night to sign off the pledges for its election manifesto and ruled out the policy.
The FT reported “party figures familiar with the manifesto,” had raised concerns the policy was not workable.
The idea to allow tenants to buy out landlords for a government-set “reasonable price,” was floated by shadow chancellor John McDonnell (pictured) in September.
McDonnell said at the time the plan could be effected easily.
The party is expected to move ahead with plans to work toward a net-zero carbon economy by 2030, including a pledge to allocate £60bn to upgrade the energy efficiency of the UK’s housing stock.
The FT described the combination of pledges in the manifesto “the most leftwing in recent history.”