To analyze the situation and determine how far above or below street level Luca's initial launching point is, we need to examine the equation given:
\[ y = -16t^2 + 40t - 5 \]
In this equation, \( y \) represents the height (in feet) of the object above or below street level at time \( t \) (in seconds). The initial height of the object (Luca's position when \( t = 0 \)) can be found by substituting \( t = 0 \) into the equation:
\[ y(0) = -16(0)^2 + 40(0) - 5 \] \[ y(0) = -5 \]
This means Luca's initial launching point is 5 feet below street level.
So, among the options provided, the correct response is:
5 feet below