Question

What sound does the "y" make in Spanish?

Answer 1

The RAE's Diccionario Panhispánico de Dudas explains the pronunciation of ll is:

The voiced palatal fricative /ʝ/ (e.g. English yeast, close to English j) in the majority of Spanish speaking regions. This pronunciation is identical to the recommended pronunciation for y and this merger is called yeísmo.
The palatal lateral approximant /ʎ/ (e.g. Portuguese olho) in some zones and among polished speakers.

The incorrect /li/ (e.g. pronouncing caballo as cabalio) mostly among those who practice yeísmo and artificially try to differentiate the pronunciation of ll.

On the other hand, the consonant pronunciation of y is:

The voiced palatal fricative /ʝ/ in the majority of Spanish-speaking regions when used as a consonant.
The palatal lateral approximant /ʎ/ in very few areas where lleísmo occurs.

Answer 2

@gelidium Muchas gracias!

Answer 3

De nada @KaitlynLaren. You are welcome.