That's 65% of the legacy buildings you would need to effectively reconstruct
No.
Minor modifications are not reconstruction.
It's a prime example of "low hanging fruit" where buildings that were not designed for the climate can be altered a bit to remove obvious flaws.
The subway isn't an issue, except to say that, operating on electricity
Mass transit versus gridlock. Getting a lot more people on trains going to where they want to go gets a lot of vehicles off the street, and those ones still left on the street can move at a decent speed and use less fuel to get where they are going. A full train uses hardly any energy per person to move them, so if you can give people a good reason to ride on a train that cuts down on energy usage a lot - thus "reducing carbon" but it's best to just use energy consumption to consider things.
it's just "carbon shifting" to move the greenhouse gas generation elsewhere
Even if it was that (which it isn't) that can be a very good idea. It was the entire idea behind suggesting electric cars in California and other places where air pollution from vehicles is a serious issue. Do that energy shifting to a place where the exhaust goes through a scrubber, then out of a high stack a long way from the city and that can be a major health benefit versus people choking on smog - so even if there is no reduction in carbon dioxide output you still have an improvement. Add actual reduction and you have even more of a win. Get a lot of those people on an electric train/tram/bus and the roads are no longer so congested with idling engines creating smog.
Common sense says that living in cities is going to limit the amount of resources required per person. Most cities massively defy common sense and become huge energy sinks due to poor planning or a complete lack in some situations. Sometimes it's as easy as painting a roof to go from needing AC to not. Sometimes it's as easy as a duct to change that hot roofspace air with cold basement air. Putting a thin tinting film on a thousand windows can financially pay for itself over a summer and last for decades.
This is the easy stuff.
Going from not thinking of the summer heat at all to doing something about it is the low hanging fruit. A coastal city with a hot summer has buildings designed for a midwest winter.