To analyze Luca's launching point using the given formula, \( y = -16t^2 + 40t - 5 \), we can look at the \( y \)-intercept of the equation. The \( y \)-intercept occurs at \( t = 0 \), which will tell us how far above or below street level Luca's initial launching point is.
Substituting \( t = 0 \) into the equation:
\[ y = -16(0)^2 + 40(0) - 5 \]
This simplifies to:
\[ y = -5 \]
Therefore, when Luca launches the object, he is 5 feet below street level.
Thus, the answer is:
5 feet below.