To determine how far above or below street level Luca's initial launching point is, we can analyze the equation given:
\[ y = -16t^2 + 40t - 5 \]
In this equation, \( y \) represents the height of the object (in feet) as a function of time \( t \) (in seconds). The constant term, -5, indicates the initial height of the object at \( t = 0 \).
When \( t = 0 \):
\[ y(0) = -16(0)^2 + 40(0) - 5 = -5 \]
This means that the initial height of the launching point is \( -5 \) feet. Since this value is negative, it indicates that Luca's launching point is 5 feet below street level.
Thus, the correct response is:
5 feet below.