“Given that 95% of Covid19 infections are harmless ”
Well that would mean that 16 million Americans would have a non-harmless infection if we adopt your do-nothing strategy. Most of those 16 million would die.
“incompetence by hospitals”
That does NOT cause hospitals to be overloaded.
” why aren’t rents and real estate prices collapsing”
Actually they are. Rents are dramatically down in much of NYC. Manhattan apartment rents dropped below $3,000 for the first time in nine years. Landlords are facing catastrophe unless Congress acts, which it won’t.
“Why aren’t schools closing”
They are. But our society would rather keep bars open than schools open.