Step 1 :The given equation is a rational equation. To solve for $y$, we first need to find a common denominator for the fractions on the left side of the equation. The common denominator of $3y$ and $2y$ is $6y$.
Step 2 :After finding the common denominator, we can combine the fractions and simplify the equation. Then, we can solve for $y$ by isolating $y$ on one side of the equation.
Step 3 :The solution to the equation is $y = \boxed{\frac{31}{6}}$. This is the only solution to the equation.