Why does there have to be a dichotomy here? Another option would be to lock down but also to provide for people who will otherwise be ruined by the lockdown.

That seems to be the most humane option. Make it illegal to evict people, provide them with a reasonable base income that allows them to lead a dignified life through the lockdown, and then shut everything down for a little while.

Suggesting that the lockdown is synonymous with loss of livelihood is exactly the problem here. Surely the same elected officials that have the power to close everything down also have the power to authorize emergency payments to those impacted by the lockdown.