Selecting ArcSDE polygon by point in ArcGIS Desktop using ArcPy?

Another approach to this would be to use the Spatial Join tool. Use the point as your input feature layer as above and the polygon layer as your identity features.
Unlike SelectLayerByLocation, SpatialJoin does honor the extent environment.

targetlayer = layername
joinlayer=arcpy.PointGeometry(arcpy.Point(x, y))
fieldmappings = arcpy.FieldMappings()
fieldmappings.addTable(targetlayer)
arcpy.SpatialJoin_analysis(targetlayer, joinlayer, outputlayer, "JOIN_ONE_TO_MANY", "KEEP_COMMON", fieldmappings)

JOIN_ONE_TO_MANY might seem counter-intuitive, but since you only have one join feature, the main function of this option is to turn off aggregationand merge rules. KEEP_COMMON will make sure that your output is restricted only to the polygon that intersects your point. The Fieldmappings will restrict the output attributes to the shape and attributes of the polygon layer only; the default would include the point layer's attributes too.

The rest of the defaults will work fine, so you can leave off the remaining arguments.