To determine how far above or below street level Luca's initial launching point is, we need to analyze the given equation:
\[ y = -16t^2 + 40t - 5 \]
Here, \( y \) represents the height of the object above or below street level at time \( t \), and the constant term \(-5\) indicates the initial position of the object in vertical units compared to the street level.
Since the equation starts with \(-5\), it means that at time \( t = 0 \) (the moment of launch), the initial height \( y(0) \) can be calculated as:
\[ y(0) = -16(0)^2 + 40(0) - 5 = -5 \]
This shows that Luca’s initial launching point is 5 feet below street level.
Therefore, the correct response is:
5 feet below.