Speaking as someone from New York City: Doing nothing (as in the very early stages) quickly resulted in overwhelmed hospitals and morgues. Doing a fairly serious lockdown along with masking then reduced cases to a very manageable level. The fine balance between these two extremes is somewhere in between, and will be different for each locale depending on demographic details such as population density, number of multigenerational households, etc.
The goal of flattening the curve while still keeping the economy healthy, as some commenters here seem to desire, surely will be easier the closer we are to eradicating the disease.